PenFed has completed 8 mergers between November 1, 2015 and January 1, 2017, according to the Federal Financial Institutions Examination Council's National Information Center.
In addition, there are 5 mergers waiting to be completed. Three include credit unions that were in poor financial conditions
These thirteen acquisitions, when all are completed, will add more than $1 billion in assets to PenFed.
The merger of Belvoir with Pen Fed was shoved down members' throats without proper meeting notice, immediate destruction of ballots, opening of accounts by employees to allow voting, payout to Belvoir management, promises made but unkept, falsehoods relayed regarding benefits, etc. Couple this with questionable decisions such as hiring of contentious Tammy Darvish to be operations manager, a job she is clearly not qualified for given that she sent a terse letter to business account holders that their accounts are now being closed because Pen Fed cannot accommodate them (while other, smaller credit unions can??) and the decision to buy the most expensive piece of real estate in Tysons for their headquarters cries out for investigation of this credit union. Their recent actions that disrupt businesses which were promised continued service are unethical to say the least and perhaps illegal.
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