January, 2019

Dear Member,

Welcome to PenFed Credit Union (PenFed)! You are now a member and owner of America’s second largest federal credit union, with total assets of more than $24 billion.

Progressive Credit Union successfully merged into PenFed effective January 1, 2019. To ensure an orderly transition, the credit union will continue to operate as Progressive, powered by PenFed, with limited operational changes in the coming months.

This means all your savings accounts, loans and relationships with Progressive will stay intact. When you visit the Progressive branch, your existing accounts will continue to be serviced by the same loyal employees who have been helping you meet your financial needs.

PenFed is also looking to secure more retail space in New York City for you to conveniently complete all your financial transactions.

During the second half of 2019, Progressive will be re-branded as PenFed. But you don’t have to wait until then to receive all the benefits PenFed has to offer you.

You now have access to some of the highest savings rates in America.

As you save for your future, PenFed’s mission is to help you “Do better financially.”


If you need to finance a new car, buy a home or pay for school, you’ll find PenFed offers market-leading loan rates.

To earn cash back on your everyday purchases, PenFed offers three credit cards with award-winning rewards.

Visit PenFed.org/Progressive to see all the products and services now available to you. Below is just a preview of what PenFed offers:

  • High-yielding money market accounts, certificates, and IRAs
  • Low-cost Access America Checking account with superior dividends
  • Investment and retirement services with PenFed Wealth Management 
  • Low loan rates including:
    • New, used, and refinanced vehicle loans
    • Mortgages and home equity products
    • Motorcycle, boat and RV loans
    • Personal loans 
    • Refinanced student loans
  • Award-winning credit cards
  • 24/7 Internet account access
  • Online bill payment
  • PenFed Mobile app
  • 7-Day live phone service at 866-386-7190
  • Surcharge-free ATM access at more than 87,000 locations nationwide
  • Over 50 branch locations worldwide
  • Vehicle buying service through True Car
  • Homebuying service through Berkshire Hathaway Home Services PenFed Realty

When you are ready to open a new account, go to the special PenFed.org/Progressive website, visit the Progressive branch, or call 866-386-7190, our designated merger assistance line.

PenFed’s call centers are available to serve you seven days a week. Our Member Service Representatives are prepared to answer your questions and help you take advantage of new products and services that can fulfill your lifelong dreams.

We invite you to find how PenFed can help you and your family turn your dreams into reality.


James R. Schenck

President & CEO

Please check out www.penfed.org/progressive for further information on PenFed