TYSONS, Va, – PenFed Credit Union highlighted its continued success in further increasing capital and liquidity in 2024 and the “incredible value” it provides to the community at its 2025 annual meeting.
The meeting was held at PenFed headquarters and via audio conference with members, employees and the board of directors in attendance.
PenFed President/CEO James Schenck highlighted that PenFed is more than 2.9 million members strong. In 2024, the credit union welcomed over 117,000 new members and paid out over $811 million in dividends to members, up from $696 million in 2023, a 17% increase. Schenck recognized that each month the PenFed team completes over 36 million core banking transactions, answers over 250,000 calls, and has over 125,000 interactions with members visiting PenFed branches.
“Most importantly, at PenFed we measure success not just by financial results, but by how many people we’ve helped,” said Schenck. “We are people helping people. PenFed is especially proud to have donated over $1.8 million in 2024 to support over 60 charitable organizations in the communities where we live and serve.”
The credit union reported that Schenck’s remarks also emphasized PenFed’s introduction of over 600 enhancements to the digital banking platform, including an upgraded mobile app to drive seamless and secure experiences for members. These advancements enabled PenFed to streamline platforms, enhance member experience and improve operational efficiency.
“As PenFed continues to innovate, its technology roadmap remains centered on delivering secure, innovative, and value-driven solutions for members,” PenFed said.
Five People Recognized
PenFed Chairman Ed Cody recognized five employees of the year for their outstanding service and contributions to the credit union. This year’s award recipients are:
- Bruno Buccolo, director of collateral support and servicing, recognized for enhancing and scaling PenFed’s consumer loan servicing practice and saving the credit union $500,000.
- Matt West, VP of home loans default consumer mortgage and member experience, mortgage servicing, recognized for his outstanding contributions to the mortgage sales team’s growth and success.
- Carmen Rosas, senior manager of model risk management, recognized for significantly enhancing model risk governance, developing policies, spearheading working group meetings, and creating impactful reporting.
- Monica Brooks, AVP of branch operations, recognized for her leadership and significant contributions to branch achievements and community engagement.
- Brian Keeler, senior team lead for learning and talent development, recognized for implementing a new collections training model that immediately saved PenFed $20,000.
“As chairman, every year on behalf of our board, I have the privilege and fun of recognizing individuals who have made extraordinary contributions to the success of PenFed,” Cody said in a statement. “We could not succeed without great teams – and PenFed is blessed with some of the best employees and business partners in the financial industry.”
