PENFED TO ESTABLISH SAN ANTONIO REGIONAL FINANCIAL CENTER
Pentagon Federal Credit Union (PenFed) announced today plans to establish a regional financial center in San Antonio, Texas, pending incentive approvals. The planned expansion will create approximately 600 new jobs in Texas to serve the Virginia-based company’s 1.8 million members around the world.
“PenFed’s top priority for our new regional center was to locate in a pro-business, military-friendly state,” said James Schenck, PenFed’s President & CEO. “We ultimately chose San Antonio because the city and the surrounding area provide a highly skilled diverse talent pool and world-class amenities to support PenFed’s leading position as a destination employer. We look forward to growing PenFed’s business throughout Texas for years to come.”
The State of Texas is supportive of the project and a Texas Enterprise Fund grant offer has been extended to PenFed.
"PenFed's decision to expand their reach in San Antonio serves as yet another testament to what makes Texas great – our talented workforce and robust economic climate," said Texas Governor Greg Abbott. "With the creation of nearly 600 new jobs and over $48 million of capital investment, the economic impact of this new facility will be felt across San Antonio. I thank PedFed for their investment in Texas, and I look forward to building upon our strong business relationship as we strive to take the Lone Star State to new heights."
Established in 1935, PenFed is the nation’s second largest federal credit union with $25 billion in assets. PenFed brings exceptional service to those in the Armed Forces, Department of Defense, Department of Homeland Security, Military Associations, eligible veterans and retirees, their families and all who support them.
“The new regional center will represent PenFed’s largest Texas operation, a vote of confidence for our community’s strong financial services sector,” said Ron Nirenberg, Mayor of the City of San Antonio. “PenFed is an outstanding corporate citizen and cultural fit for our San Antonio community.”
The planned growth would significantly increase PenFed’s local workforce, currently employed at two San Antonio credit union branches. Several executive management positions in research, mortgage and loan operations, service center operations, collections, and human resources, will be housed in the proposed San Antonio facility.
“Now is the time to invest in San Antonio and our rapidly growing financial services and technology industries. PenFed will further elevate a base of innovative, community-focused, strong corporate citizens here in San Antonio,” said Jenna Saucedo-Herrera, President & CEO of the San Antonio Economic Development Foundation.
On January 31, the San Antonio City Council will vote on an incentive package to support PenFed’s planned San Antonio expansion.
“This project illustrates the community’s continued commitment to attracting innovative employers to our city and the creation of skilled, high-wage jobs,” said City Manager Sheryl Sculley. “PenFed’s selection of San Antonio further bolsters our city’s position as a desirable location for businesses to expand and grow their operations.”
Bexar County is also considering an incentives package to assist the company’s expansion.
“Bexar County has the workforce available and is ready to attract significant investments from the nation’s top employers, such as Pentagon Federal Credit Union,” stated Bexar County Judge Nelson Wolff. “PenFed plans to hire nearly 600 employees in the county for positions in financial services, technology and customer service – contributing to our economy and future success.”
“I’m looking forward to having PenFed here in District 10 and San Antonio” said City Councilman Clayton Perry. “This is a great win for San Antonio, and the company’s commitment to its members and to military families and veterans makes this a perfect fit for Military City, USA.”
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