PenFed Credit Union Highlights Continued Success and the Incredible Value Credit Unions Provide During 2023 Annual Meeting

Chairman Introduces Margie A. Smith Volunteer of the Year Community Impact Award and Recognizes Employees, Business Partner and Board Volunteers of the Year

TYSONS, Va., May 11, 2023 /PRNewswire/ -- PenFed Credit Union, the nation's second-largest federal credit union, highlighted its continued success in further increasing member share, liquidity and capital in 2022 and the incredible value credit unions provide to the community at its 2023 annual meeting. The meeting was held at PenFed headquarters and via audio conference on the evening of May 10 with members, employees, and the board of directors in attendance.

PenFed President/CEO James Schenck highlighted how credit unions are unique because they are owned by their members. This sets credit unions apart from banks, which are owned by shareholders. As a not-for-profit institution, PenFed is devoted to its members' financial well-being by offering lower loan rates, higher dividend yields, and low to no-fees.

"Credit unions have the advantage of a volunteer board of directors that provides stewardship to management on behalf of the members – ensuring our strategies are focused on the members we serve," said Schenck. "They give more of themselves in looking out for your interests than they ever ask in return."

Schenck's remarks also emphasized PenFed's launch of innovative products and services. In 2022, PenFed introduced a free checking product that includes the ability to get paid early, access to 24/7 digital banking and a network of over 85,000 fee-free ATMs. PenFed also furthered its commitment to help members achieve homeownership, by offering Federal Housing Administration Loans.

Earlier this year, PenFed launched its state-of-the-art digital banking platform to deliver an enhanced member experience, boasting a modern and intuitive design that is web-friendly and seamlessly adapts to desktop, mobile, and tablet devices. And PenFed now offers the ability to add minors ages 13-17 to existing member checking accounts.

PenFed Chairman Ed Cody honored Margie A. Smith with the inaugural Margie A. Smith Volunteer of the Year Community Impact Award for leading the credit union's Omaha financial service center in contributing thousands of hours of service to the local community and for her outstanding volunteer efforts to help improve the lives of others.

The chairman also recognized employees, business partner and board volunteers of the year for their outstanding service and contributions to the credit union. This year's award recipients are:

• Employee of the Year: Brad Patterson, payment product operations and card services, recognized for revolutionizing PenFed's credit card line of business to offer best-in-class award-winning products and exceptional value for its members.
• Employee of the Year: Julia Moreno, VP HR operations, recognized for transforming the employee benefits experience at PenFed and saving PenFed and its employees a significant amount of cost in health care and pharmaceutical premiums while keeping employee healthcare premium costs lower than the national average.
• Employee of the Year: Olivia Boles, director operations projects, recognized for delivering process functionally that is faster and uses less resources while improving both the member and employee experience.
• Employee of the Year: Christine Hosch, director financial forecasting and planning, recognized for her instrumental role in assisting PenFed with making expense related decisions that benefit the business and in turn preserves PenFed's capital to better serve its members.
• External Business Partner of the Year: Kiran Tappita, HCL Financial Services Account Executive for Technologies, recognized for living the PenFed values while delivering exceptional service to PenFed's teammates and members.
• Volunteers of the Year: Board Director The Honorable Frederick Pang and Board Director and Secretary Lt. Col. (USAF, Ret.) John A. Rolando, recognized for their distinguished voluntary service and dedication to PenFed.

"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, business partners and volunteers in the financial industry."

About PenFed Credit Union

Established in 1935, Pentagon Federal Credit Union (PenFed) is America's second-largest federal credit union, serving 2.9 million members worldwide with $35.3 billion in assets. PenFed Credit Union offers market-leading certificates, checking, credit cards, personal loans, mortgages, auto 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.

SOURCE PenFed Credit Union