Pentagon Federal Credit Union

Pentagon Federal Credit Union, commonly referred to as PenFed, is a United States federal credit union with its headquarters in McLean, Virginia. It was established and is governed by the National Credit Union Administration (NCUA).

With $25 billion in assets and more than 1.8 million members as of July 2018, PenFed is the third-largest federal credit union in the US. PenFed offers a range of loans, savings accounts, and bank accounts, in addition to credit cards and other financial services.

In the past, membership in the Pentagon Federal Credit Union was restricted to those who shared the national defense-related affiliations specified in the credit union's charter. In 2018, PenFed purchased the Progressive Credit Union, a New York-chartered institution that had failed as a result of loans for taxi medallions in New York City but had an open membership charter that allowed anybody nationwide to join.

McGraw-Hill Federal Credit Union announced plans to combine with PenFed in February 2019. On May 1, 2019, the conversion of customers to PenFed customers will be complete. As of September 2019, the old McGraw-Hill branch in East Windsor, New Jersey, is now a PenFed bank.

Founded: 1935
Headquarters: 7940 Jones Branch Drive, McLean, Virginia, United States
Website: https://www.penfed.org/