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PenFed Buys $10.5 Million Jet to Become More 'Efficient and Effective' – Credit Union Times

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When Chip Filson was reading the 2020 annual report of the $26.7 billion Pentagon Federal Credit Union in McLean, Va., one new line item caught his eye: $10.5 million for “aircraft equipment.”
“Which I assume means an airplane,” the founder and former CEO and Chair of Callahan & Associates, wrote in his Aug. 9 Just A Member blog. “That amount could buy a whole lot of plane. Not sure why a credit union should have its own plane. Perhaps it could be used to survey the credit union’s national field of membership acquired in its merger with Progressive Credit Union.”
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Founded in 1948, FMCU initially served military personnel, then expanded to city employees and contractors.
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CEO says 71% of employees are vaccinated and that it continues to offer a $200 incentive for getting the shots.
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