Thursday, June 25, 2020

Y-o-Y Loan Growth Up 71 Percent at Pentagon FCU

Lending at Pentagon Federal Credit Union (McLean, VA) grew by 71 percent during the first five months of 2020 compared to a year ago.

The credit union noted that consumer lending grew by 15 percent and mortgage lending was up 200 percent during the first five months of 2020.

Total membership growth was up 10 percent during the time period of January 2020 thru May 2020.

The credit union announced on June 25 that it topped $26 billion in assets -- two months after it surpassed $25 billion in assets.

I wonder how much of this growth was due to its open charter arising from the emergency merger of Progressive Credit Union.

Read the press release.

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