PenFed Dedicates New Year Holidays to Complete Merger with Energy Federal Credit Union

  • M&A Deals
  • 03.01.2017 11:15 am

While most Americans took off from work to celebrate New Year's Eve and New Year's Day, PenFed Credit Union's merger integration team worked around the clock to ensure that accounts from 11,000 former members of Energy Federal Credit Union and $102 million in assets would be securely transferred to PenFed on the first day of 2017.

As a result of the successfully completed merger, PenFed today welcomes 36 former employees from Energy FCU, and opens a full-service branch in Rockville, Maryland.

"This is the beginning of a relationship that will help the members and employees do better financially," said PenFed President and CEO James Schenck. "PenFed's low rates, world-class member experience and mobile technology will provide added value for the members and greater opportunities for the employees."

PenFed Executive Vice President and Affiliated Businesses President Shashi Vohra, who facilitated partnerships with eight credit unions in the past 14 months, said, "Energy Federal Credit Union members and employees will find a natural home with PenFed. We were already serving U.S. Department of Energy employees at two locations in Washington, D.C., and Germantown, Maryland. Now we will open PenFed's full services to all of Energy Federal Credit Union's select employee groups."

Kevyn Myers, PenFed Executive Vice President and President of Mergers & Acquisitions Integration and Payment Systems, said, "Our ability to serve members 24/7 through the website, PenFed Online mobile platform, and PenFed call centers—in addition to our network of 39 strategically placed branches—will deliver best-in-class experiences whenever and wherever members need extraordinary financial services."

Schenck thanked PenFed's merger integration team for "reflecting the greatest values of the PenFed culture." He said, "Our devoted merger team worked throughout the holiday weekend with steadfast focus and flawless execution. These hard-working employees epitomize the highest standards of commitment and competence."

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