PenFed Credit Union Reports Record Third Quarter Mortgage and Consumer Lending Volume |
TYSONS, Virginia, October 18, 2021 / PRNewswire / – PenFed Credit Union, the nation’s second-largest federal credit union, today released financial data highlighting another record quarter in the institution’s 86-year history. In the third quarter of 2021, PenFed set a record $ 5.4 billion in mortgages and a record $ 3 billion in consumer loans, bringing the annual total to $ 12.6 billion and $ 8.4 billion, respectively. Consumer loans include auto loans, credit cards, personal loans, and student loans.
“We measure success by helping our 2.4 million members achieve greater financial success,” said PenFed President and CEO Jacques Schenck. “Manufacturing $ 8.4 billion The third quarter mortgage and consumer loan origination value is a result of PenFed’s value proposition of great rates for everyone, inspired leadership within our mortgage and home loan teams. consumption, and dedication to serving the members of the 3,700 financial professionals who drive PenFed forward. “
Among the highlights of PenFed in the third quarter of 2021:
- PenFed reached $ 29.7 billion in assets.
- Membership grew to over 2.4 million, adding 76,435 net new members.
- PenFed’s loan portfolio increased by $ 2.4 billion, which represents a growth of 11.6% since the second quarter of 2021.
- The mortgage division is born $ 5.4 billion, another quarterly record from PenFed. This represents a 113% growth from the same quarter of the previous year and includes the volume of home equity creation of $ 296 million.
- The consumer loans division is born $ 3 billion, also another quarterly record from PenFed. This represents a growth of 43% compared to the same quarter of the previous year.
- PenFed’s credit card lending division, under consumer lending, again had its strongest quarter with more than $ 1.2 billion new money.
- PenFed’s equity ratio is 10.33%, well above the 7.00% required by the National Credit Union Administration to stay well capitalized. PenFed’s capital cushion is almost $ 1.0 billion.
“In addition to having accomplished these key business milestones, PenFed is proud to have made a donation $ 3.5 million to charities so far in 2021, “concluded Schenck.” As we continue to grow, we will continue to give back to the communities where our members and employees live and serve. “
About PenFed Credit Union
Founded in 1935, the Pentagon Federal Credit Union (PenFed) is the second largest federal credit union in the United States, serving 2.4 million members worldwide with $ 29.7 billion in assets. PenFed Credit Union offers market leading certificates, checks, credit cards, personal loans, mortgages, car loans, student loans and a wide range of other financial services. Our mission is to empower members of our community to achieve their financial well-being. PenFed Credit Union is federally insured by the NCUA and is an equal housing lender. To learn more about PenFed Credit Union, visit PenFed.org, like us on Facebook, and follow us @PenFed on Twitter. Interested in working for PenFed? Check us out on LinkedIn. We are proud to be an equal employment opportunity employer.
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SOURCE PenFed Credit Union