TYSONS, Va., Nov. 21, 2016 /PRNewswire-USNewswire/ -- By an overwhelming margin, members of Energy Federal Credit Union of Rockville, Md., voted to merge with America's second-largest federal credit union, PenFed Credit Union of Tysons, Va.
As a result of joining PenFed, nearly 11,000 current members of Energy FCU will earn higher rates on savings and gain access to lower rates on loans. These new PenFed members include many public servants working for the federal government. In addition, another 5,000 potential members of Energy FCU—employees and contractors of dozens of firms in the community—will become eligible to join PenFed. "As we welcome them into the PenFed family, members of Energy Federal Credit Union will receive a bonus dividend," said PenFed President and CEO James Schenck. "This is the beginning of a relationship that will help thousands of dedicated men and women in public service do better financially. The management teams of our two credit unions realize the substantial added value this merger will deliver. Together we will achieve PenFed's core mission to help those in the national defense community and all who support them secure a sound financial future." Schenck pointed out that while PenFed already serves U.S. Department of Energy employees at two locations in Washington, D.C., and Germantown, Md., PenFed will operate a full-service branch in Rockville, Md., as part of its network of 39 branches. "Our ability to serve members 24/7 through our PenFed.org website, PenFed Online mobile platform, and PenFed call centers—in addition to our strategic branch footprint—will deliver best-in-class experiences whenever and wherever members need extraordinary financial services," said Schenck.