TYSONS, VA.–PenFed Credit Union highlighted its continued success in further increasing capital and liquidity in 2025 and the “incredible value” it said it provides to the community at its 2026 annual meeting. The meeting was held at PenFed headquarters and via audio conference on the evening of May 13 with members, employees and the board of directors in attendance.
PenFed President/CEO James Schenck began the meeting by thanking members, especially the service members, veterans, and military families who place their trust in PenFed every day and those who support them. He emphasized that serving those who serve our nation is not just part of PenFed’s history — it is at the heart of the credit union.
Schenck highlighted the credit union is nearly 2.8 million members strong. In 2025, PenFed delivered strong financial performance while remaining focused on safety, soundness, and exceptional service. PenFed strengthened capital, increased earnings, and continued providing competitive rates and responsible financial solutions designed to help members achieve their financial goals.
“At PenFed, success is measured by more than financial results,” said Schenck. “We measure success by the lives we impact and the people we help. In 2025, we proudly donated $1.3 million to 65 charitable organizations supporting veterans, military families, and children facing life-threatening illnesses. We were founded on the belief that people helping people can change lives, strengthen families, and build stronger communities. That mission continues to guide every decision we make.”
Financially Strong
Schenck also reported that PenFed remains financially strong and ahead of plan in the first quarter of this year, with nearly $29 billion in assets, over $3 billion in net worth, and strong year-to-date earnings. He emphasized that the results reflect disciplined leadership, responsible growth, and an unwavering commitment to members.
Innovation also continues to strengthen the member experience. Our investments in digital banking, AI-driven technology, and strategic partnerships are helping us serve members faster, smarter, and more personally — while continuing to deliver the value our members deserve.
Six Employees Recognized
PenFed Chairman Ed Cody recognized six employees of the year for their outstanding service and contributions to the credit union. This year’s award recipients are:
· Belinda Lee, Director of IT, recognized for showing exemplary IT leadership, enhancing member experiences and driving project success.
· Camila Thomas, Senior Analyst Procurement, recognized for strategic negotiations that led to significant savings and efficiency.
· Cathyann Frank, Senior Director Commercial Credit, recognized for achieving a significant financial turnaround in net income and embodying leadership and community involvement.
· Kevin Halsey, Director FP&A Consumer Banking, recognized for his leadership leading to improved financial performance, growth and team success.
· Merle McGillan, Manager Servicing and Support, recognized for his dedication resulting in a high-resolution rate for member requests within 24 hours, reflecting efficiency and commitment.
· Wayne Knapczyk, Director Collection Operations, recognized for his leadership resulting in a significant reduction in delinquency, achieving record collections and team morale boosts.
“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,” said Cody. “We could not succeed without great teams– and PenFed is blessed with some of the best employees and business partners in the financial industry.”
