Belvoir Federal Credit Union

Mar 31, 2016

Enlarge CEO James Schenck wants to more than triple PenFed's assets over the next 10 years. PenFed Credit Union is taking another step toward its aggressive goal of growing to $75 billion in assets by 2025 by merging with the Belvoir Federal Credit Union. The move will add Woodbridge-based Belvoir Federal Credit Union’s $320 million in assets and more than 26,000 members to Alexandria-based PenFed. The merger will take place May 1, 2016. Enlarge CEO James Schenck wants to more than triple PenFed's assets over the next 10 years. Alexandria-based PenFed is the second-largest credit union in Greater Washington, behind only Navy Federal Credit Union. PenFed has more than $20 billion in assets and 1.4 million members. Officials say the merger makes sense for two credit unions deeply rooted in the national defense community. PenFed serves military personnel, Defense Department staffers and government employees, some defense contractors and other groups associated with the defense industry as well as their families. Belvoir, founded in 1946, targets members in the Ft. Belvoir area. The deal is just the latest in a series of moves for PenFed, which announced in February it was merging with Georgia-based Fort Gordon and Community Credit Union and in December it was combining forced with NAVFAC Federal Credit Union of Honolulu. Fort Gordon had 6,200 members, two branches and $63 million in assets. NAVFAC had 2,000 new members and $28 million in assets. I spoke to PenFed CEO James Schenck recently about his goals for 2016 , including the credit union's plans to grow its assets by 10 percent, or $1.9 billion, this year. Most of that growth, he said, would be organic, though mergers most would play a part. The merger will provide Belvoir Federal Credit union with Penfed’s suite of products and services while PenFed gets new members, according to Shashi Vohra , executive vice president of PenFed Credit Union. The credit union also recently purchased an 11-story building in Tysons for $164.1 million to serve as its new headquarters. PenFed will relocated from its current headquarters in Alexandria and a second satellite office in Chantilly beginning in October. Andy Medici covers money, the economy, demographics, housing and financial services. Sponsored by