WASHINGTON, D.C., March 5, 2013—Pentagon Federal Credit Union (PenFed), one of the nation’s largest credit unions, was named a Washington-area finalist for the prestigious 2013 Jefferson Awards for Public Service for helping service members and veterans.
The Washington Business Journal, a local partner of the American Institute for Public Service, selected the credit union in December for its philanthropic work with the Pentagon Federal Credit Union Foundation (PenFed Foundation), a nonprofit organization which works with military families by supporting wounded warriors and providing financial management assistance and home ownership aid.
“As a credit union, we have always been close to our members, many of whom are in the armed services,” said Frank Pollack, president of PenFed. “It was only natural over the years that we would try to find other ways to help them during difficult times in their lives, such as recuperating from a combat injury or getting through a tough financial situation. We are honored to be recognized for our work by the Washington Business Journal.”
In 2001, PenFed leadership, employees and members created the PenFed Foundation to help military families get a leg up on financial literacy and education. PenFed is able to help keep overhead low, allowing the foundation to spend a higher percentage of its donations on the many programs it oversees such as the Military Heroes Fund, which helps service members with needs like child care and emergency financial assistance; the Asset Recovery Kit program, which provides emergency loans and financial counseling to military families; and the Dream Makers program, which gives grants to active-duty or retired military of modest means who are first-time home buyers.
The PenFed Foundation is also raising money to build the new Defenders Lodge, a free hotel for veterans undergoing medical care at the Veterans Affairs hospital in Palo Alto, Calif. The construction, which is already underway and funded entirely through private donations, is slated to be completed later this year. The initiative is a $17 million public-private partnership with the Department of Veterans Affairs in which the foundation is raising $11 in private donations to cover the cost of construction.
A team of judges with the Washington Business Journal selected PenFed as one of several finalists. One local winner will be announced at the publication’s Corporate Philanthropy Awards breakfast in June to compete for the national award.
“The PenFed Foundation could not give service members and veterans the help they need without the tremendous support of PenFed,” said Christopher Flynn, president of the PenFed Foundation. “Our close relationship helps us keep our eye on the real bottom line—the people we serve—without wasting time on red tape.”
About the Pentagon Federal Credit Union Foundation (the PenFed Foundation)
The PenFed Foundation is a nationally recognized nonprofit organization working to meet the unmet needs of military personnel and their families through supporting wounded soldiers and providing financial management assistance and home ownership aid. The foundation is also the primary sponsor of a new free hotel for veterans called the Defenders Lodge, a $17 million public-private partnership with the Department of Veterans Affairs in which the foundation is raising $11 million to cover the cost of construction. PenFed (Pentagon Federal Credit Union) covers all labor expenses for the foundation so every dollar donated goes directly to supporting its programs. To make a donation or learn more about the foundation visit: PenFedFoundation.org.
Established in 1935, PenFed is one of the largest credit unions in the United States with over a million members and more than $15 billion in assets. PenFed provides an extensive selection of financial products to its members worldwide. Its core membership includes the Department of Defense, Army, Marine Corps, Navy, Air Force, and Coast Guard; Department of Homeland Security personnel, employees or volunteers of the American Red Cross, numerous military associations, and many others. PenFed is federally insured by the National Credit Union Administration and is an equal housing lender. To learn more about PenFed, visit PenFed.org.