PenFed Credit Union Donates 500 Laptop Computers to Armed Services YMCA to Support Education of Children of Military Families

TYSONS, Va., Sept. 10, 2020 /PRNewswire/ -- PenFed Credit Union, the nation's second largest federal credit union, today announced the donation of 500 laptop computers, valued at over $125,000, to support the education of children of military families. The laptops will come with Microsoft office software pre-loaded by PenFed, and will be distributed by the Armed Services YMCA in support of their mission to help junior-enlisted military service members and their families thrive wherever the military sends them.

"During this period of distance learning, we were concerned that the families of some junior military personnel might not have the resources to enable their children to keep up with their classes," said Ed Cody, PenFed Chairman of the Board of Directors. "Our efforts to repurpose PenFed laptops will enable children to be online with their teachers, complete their school work and have a successful academic year. We would like to see other credit unions and industry leaders implement similar programs for their communities."

PenFed has a strong legacy of being a military-friendly company. The credit union donates 2% of its annual net income to charitable organizations, with the majority going to military charities. The PenFed Foundation, a national 501(c)3 founded by PenFed Credit Union, was created in 2001 and, since then, has provided more than $38.5 million in financial support to veterans, active-duty service members, families and caregivers.

"PenFed is proud to support the Armed Services YMCA and we are honored to positively impact the lives of children of military families across our nation," said PenFed Credit Union President/CEO and PenFed Foundation CEO James Schenck. "As we move forward this school year, I encourage every company with the resources to consider repurposing laptops and technology equipment to provide students with the tools they need to learn virtually."

Earlier this year, PenFed welcomed its 2 millionth member and is celebrating the milestone by donating over $2 million in 2020 to charities supporting the communities it serves and to the PenFed Foundation supporting military families.

"On behalf of the young men and women who serve our country and their families, the Armed Services YMCA extends sincere thanks to PenFed for this generous gift," said Armed Services YMCA CEO and retired U.S. Navy Vice Adm. William French. "The donation provides relief for military families as many children are learning virtually and require a laptop, an additional expense that many did not budget for during a year that has brought many changes."

About PenFed Credit Union
Established in 1935, Pentagon Federal Credit Union (PenFed) is America's second-largest federal credit union, serving over 2.1 million members worldwide with over $26 billion in assets. PenFed Credit Union offers market-leading certificates, checking, credit cards, personal loans, mortgages, auto loans, student loans, and a wide range of other financial services with members' interests always in mind. PenFed Credit Union is federally insured by the NCUA and is an Equal Housing Lender. To learn more about PenFed Credit Union, visit PenFed.org, like us on Facebook and follow us @PenFed on Twitter. Interested in working for PenFed? Check us out on LinkedIn. We are proud to be an Equal Employment Opportunity Employer.

About Armed Services YMCA
The Armed Services YMCA (ASYMCA) is a registered 501(c)3 nonprofit that serves currently serving military members and their families. In 2019, ASYMCA engaged more than 250,000 participants in its programs and delivered more than 1.3 million points of service to junior enlisted Soldiers, Marines, Sailors, Airmen, Coast Guardsmen and family members at 200 service centers in 18 states. Whether providing respite child care for parents in need, summer camps for kids, or assisting with emergency needs, the Armed Services YMCA is a nonprofit with a mission: Strengthening Our Military Family®. Visit www.asymca.org to join us in supporting military families.

SOURCE PenFed Credit Union