© Copyright Acquisition International 2024 - All Rights Reserved.

Article Image - PenFed Credit Union Announces Merger with Belvoir Federal Credit Union
Posted 31st March 2016

PenFed Credit Union Announces Merger with Belvoir Federal Credit Union

PenFed Credit Union, nearly $20 billion in assets, 1.4 million members and headquartered in Alexandria, Virginia, announced that it will merge with the Woodbridge, Virginia headquartered Belvoir Federal Credit Union, which has $320 million in assets and more than 26,000 members.

Mouse Scroll AnimationScroll to keep reading

Let us help promote your business to a wider following.

PenFed Credit Union Announces Merger with Belvoir Federal Credit Union
Image

PenFed Credit Union, nearly $20 billion in assets, 1.4 million members and headquartered in Alexandria, Virginia, announced that it will merge with the Woodbridge, Virginia headquartered Belvoir Federal Credit Union, which has $320 million in assets and more than 26,000 members. The merger will take place May 1, 2016. 

The partnership between PenFed and Belvoir Federal was conceptualized for the betterment of both institutions with one resounding objective in mind—provide the members of the two credit unions with the best value and experience. The merger between PenFed and Belvoir Federal strengthens the membership, employee opportunities, institutional safety and soundness, and community investment opportunities of both credit unions.

Through the new partnership, PenFed expands its field of membership to include the Fort Belvoir Military Community, which is comprised of uniformed personnel, government employees, defense contractors and family members. Fort Belvoir is home to some of the top national defense organizations; including 19 Department of the Army agencies, 26 Department of Defense agencies, and eight elements of the Army National Guard and U.S. Army Reserve. The largest employer in Fairfax County, Virginia, Fort Belvoir boasts twice as many employees as the Pentagon. PenFed Credit Union also gains an award-winning employee team that is dedicated to member service, five convenient branch locations and an outstanding membership base focused on America’s national security.

With the coming together of the two credit unions, Belvoir Federal gains access to PenFed’s suite of highly-regarded products, low loan rates, increased community investment and marketing dollars, along with magnified career opportunities for its personnel.

James Schenck, president and CEO of PenFed Credit Union said, “The boards and management teams of both credit unions evaluated the benefits of a joint partnership and determined that collectively, we could enhance the value and experience for the members of our institutions. Our number one priority is our members, and together, PenFed and Belvoir Federal can accomplish more for them than if we remain two separate entities.”

“This is a wonderful partnership for both credit unions,” stated Patricia Kimmel, president and CEO of Belvoir Federal. “As like-minded organizations, we continually strive to make an impact on the communities we serve. PenFed and Belvoir Federal will make an outstanding team.”

PenFed’s Mergers and Acquisitions team says the new partnership with Belvoir Federal represents an opportunity to play an even greater role in benefiting the military and national defense community. “We have embraced the military ethos since our inception in 1935. At the forefront of the decision-making process that made this merger a reality was the desire to add value,” said Shashi Vohra, executive vice president and president of affiliated businesses at PenFed Credit Union.

“The value available to PenFed members in terms of market-leading products and best-in-class service is clearly undeniable,” said Vohra. “In turn, the partnership provides PenFed with access to new members and an outstanding group of new employees.”

Ricardo Chamorro, senior vice president for mergers and acquisitions at PenFed Credit Union, said, “PenFed and Belvoir Federal were such a natural combination because of their respective membership bases.” 

Chamorro said, “PenFed is pleased to form an additional partnership with a credit union so deeply rooted in the national defense community and dedicated to serving our nation’s defenders and those who support them.”

Categories: M&A


You Might Also Like
Read Full PostRead - Eye Icon
6 Strategies to Drive Revenue for B2B Companies
Finance
23/11/20216 Strategies to Drive Revenue for B2B Companies

To keep your Business-to-Business (B2B) company running, you’ll need to increase your revenues. What’s more, it also indicates that your business has a good financial condition.

Read Full PostRead - Eye Icon
Tremendous Technological Triumph
Innovation
29/04/2020Tremendous Technological Triumph

Technology is currently playing a major role in society, changing the way in which people live and work. It’s a time of immense choice, which can be overwhelming. Leading the way forward in making the complex simple is AdEPT, with a talented team guiding com

Read Full PostRead - Eye Icon
Resolution Insurance Majority Stake Acquisition
Finance
19/03/2015Resolution Insurance Majority Stake Acquisition

LeapFrog Investments, the private equity firm with a focus on Africa and Asia, said it will pay 1.68 billion shillings ($19 million) to gain control of Kenya’s Resolution Insurance and tap growth in health coverage.

Read Full PostRead - Eye Icon
How to Start a Publishing Company: 8 Important Steps
News
09/08/2024How to Start a Publishing Company: 8 Important Steps

Creative freedom, increased clout, and potential profit. These three reasons to start your own publishing company may fuel your decision to take that step, but they do little to help you understand everything that goes into it. Writers who choose to self-publi

Read Full PostRead - Eye Icon
Most Innovative Law Firm of 2016 – Italy
Legal
04/05/2016Most Innovative Law Firm of 2016 – Italy

As a lawyer and professional representative before the Italian, community and European authorities, Domenico de Simone has devoted himself exclusively to intellectual property since 1972.

Read Full PostRead - Eye Icon
How Small Businesses Can Leverage Technology for Operational Efficiency
News
28/05/2024How Small Businesses Can Leverage Technology for Operational Efficiency

If you ask established entrepreneurs, small businesses often operate with razor-thin margins. Successful ones will tell you that the quest for operational efficiency is not just a mantra but a necessity. But how can technology be your ally in this fight? 

Read Full PostRead - Eye Icon
Increased responsibilities are pushing IT to breaking point
Innovation
19/11/2020Increased responsibilities are pushing IT to breaking point

IT is now an innovator as well as a caretaker in mid-market organisations, but increased pressure is driving teams towards burnout.

Read Full PostRead - Eye Icon
Turning a Struggling Brand into a Triumph: the ABC to Success
Strategy
06/01/2022Turning a Struggling Brand into a Triumph: the ABC to Success

Instability throughout the retail sector came to the fore during the pandemic as established brands struggled to overcome their outdated business models. However, the challenges faced by these brands began the well before the pandemic as market fluctuations ca

Read Full PostRead - Eye Icon
Germany Energy & Resources Deal of the Year for the NGIM Holding Acquisition of Solarion AG Transact
M&A
08/06/2016Germany Energy & Resources Deal of the Year for the NGIM Holding Acquisition of Solarion AG Transact

Established in 1982, NGIM Holding is an Istanbul based company offering solutions in the areas of construction, chemistry, technology and energy. The company’s CEO Can Nuhoğlu reveals more about the company and the acquisition of Solarion AG.



Our Trusted Brands

Acquisition International is a flagship brand of AI Global Media. AI Global Media is a B2B enterprise and are committed to creating engaging content allowing businesses to market their services to a larger global audience. We have 14 unique brands, each of which serves a specific industry or region. Each brand covers the latest news in its sector and publishes a digital magazine and newsletter which is read by a global audience.

Arrow