ALEXANDRIA, Va., July 16, 2013—Pentagon Federal Credit Union (PenFed) and Armed Forces Benefit Association (AFBA) announced today that a new marketing alliance opens the door to enhanced services for each organization’s membership.
Under the terms of the agreement, PenFed will be allowed to extend their industry leading auto financing and car buying services to AFBA members and PenFed members in turn will have access to AFBA’s complete selection of life insurance programs.
“This relationship is a natural fit since our two organizations share a military legacy and specialize in serving members of the armed forces, first responders, federal employees and their families,” said General Ralph E. Eberhart, president and chairman of Armed Forces BenefitAssociation.
“This is an exciting opportunity for both of our organizations,” said Frank Pollack, president and chief executive officer of PenFed. “PenFed and AFBA are both mission driven organizations that provide quality products at competitive, market leading rates to the military community. This relationship strengthens both of our organization’s missions to seek out viable services that combine real value with true benefit to our memberships.”
The alliance is designed to extend the following services to each organization’s membership:
- AFBA members will have access to PenFed’s auto financing and online Car Buying Service. PenFed’s auto lending program offers some of the lowest rates in the marketplace. The Car Buying Service will allow AFBA members to research new and used vehicles, get safety information, see photos and videos of vehicles, read reviews, and receive negotiated price quotes on vehicles from dealers in their area.
- PenFed members will have easy access to a broad selection of AFBA’s life insurance programs to include group and individual term life insurance products.
To learn more about the newly forged affinity relationship and the services available, both PenFed and AFBA members should call 800.776.2322 or visit http://www.afba.com/default.aspx.
Established in 1935, PenFed is one of the largest credit unions in the country serving over 1.2 million members worldwide; with more than $16 billion in assets. Our longstanding mission has been to provide superior financial services, responsive to members’ needs in a cost effective manner. PenFed offers market leading mortgages, automobile loans, credit cards, checking, and a wide range of other accounts with our members’ interests always in mind. PenFed serves a diverse population. There are hundreds of ways to become a PenFed member; including numerous association members and employee groups. PenFed is federally insured by the National Credit Union Administration, does business in accordance with the Federal Fair Housing Law and the Equal Credit Opportunity Act, and is an equal housing lender. For more information about PenFed, visit PenFed.org.
About Armed Forces Benefit Association (AFBA)
Headquartered in Alexandria, Va., Armed Forces Benefit Association (AFBA) was established in 1947 with the support of the General of the Army, Dwight D. Eisenhower. AFBA continues to honor the mission set forth by its founders—to promote the welfare of its members and their families and to advance and safeguard their economic interests by providing high quality, low cost life insurance products and other financial benefits and services in peace and in war. AFBA is a market leader in offering low cost life insurance to members of the uniformed services and their families. AFBA currently has over 400,000 members with over $40 billion of life insurance in force and in excess of $1.5 billion of claims paid since inception. These life insurance programs are underwritten by 5Star Life Insurance Company, a related enterprise of AFBA. For more information about AFBA, visit http://www.afba.com/default.aspx.