PenFed Credit Union Finishes Third Quarter with Increased Liquidity and Capital | PR Newswire [Video]

America’s second largest federal credit union welcomes over 94,000 new members and maintains over $3 billion in regulatory net worth.

, /PRNewswire/ — PenFed Credit Union, the nation’s second-largest federal credit union, finished the first nine months of 2024 with increased liquidity and capital. PenFed also finished the first nine months with nearly 3 million members, $32.7 billion in assets and over $3 billion in regulatory net worth.

“We are ahead of our 2024 business plan and continue to execute on our key priorities of building liquidity and capital,” said PenFed President and CEO James Schenck. “PenFed is committed to supporting our members while ensuring the institution’s safety and soundness in this challenging economic cycle. PenFed has purposely reduced its lending exposure by over $2.8 billionyear to date while increasing its loan loss coverage ratio by 29 basis points from 2.49% to 2.78%. We are also proud to deliver on our promise to members by paying …