PenFed Foundation Celebrates Success of No-Cost Hotel for Veterans Seeking Medical Treatment

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Nov 25, 2014, 07:15 ET

WASHINGTON, Nov. 25, 2014 /PRNewswire/ -- GOBankingRates Washington, D.C.-based client Pentagon Federal Credit Union (PenFed) celebrated the six-month milestone of the Lee & Penny Anderson Defenders Lodge with a special Night of Heroes Dinner in Palo Alto, Calif., this November. The no-cost hotel for veterans seeking medical treatment has served more than 9,000 veterans and their caregivers since opening in May.

CLICK HERE to learn more about the Lee & Penny Anderson Defenders Lodge

"Credit unions are unique in that they operate to benefit their members, but PenFed has gone above and beyond the credit union mission of 'people helping people' by supporting this generous, much-needed service," stated Casey Bond, managing editor of GOBankingRates.

Each year, over 63,000 veterans seek medical care at the VA Palo Alto Healthcare System but many have to forgo medical care, stay far away, or even sleep in their cars because nearby hotels are prohibitively expensive, according to Jane Whitfield, president and CEO of the PenFed Foundation.

The Defenders Lodge addresses this problem in the following ways:

Provides accommodations with state-of-the-art amenities, including a first-class kitchen and laundry room, and activity and reading room
Will provide more than 20,000 nights of stay annually, saving each veteran $2,500 to $4,000 per year
Will serve about 15,000 veterans and their caregivers each year

Whitfield cites PenFed's generous and continued support—and the initial $10 million low-interest loan for the hotel's construction—for the lodge's ability to serve more people in a short time frame.

"The new Defenders Lodge positively impacts veterans seeking medical care," said Whitfield. "This safe and comfortable, no-cost hotel will serve those who served our country for many years to come."

About PenFed

Established in 1935, PenFed is one of the largest credit unions in the country, serving nearly 1.3 million members worldwide with more than $19 billion in assets. PenFed offers market-leading mortgages, automobile loans, credit cards, checking and a wide range of other financial services with its members' interests always in mind. Serving a diverse population, PenFed offers many ways to become a member, including numerous association members and employee groups.

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SOURCE GOBankingRates