PenFed and USAA Announce Alliance

by News Guy on November 17, 2010

Two leading financial service companies create marketing alliance to serve military membership

SAN ANTONIOUSAA and Pentagon Federal Credit Union (PenFed) today announced a new alliance designed to bring easier access to a broader range of complementary products and services to each organization’s membership – the men and women of the U.S. Armed Forces.

Highlights of the alliance include:

  • Eligible PenFed members will have easy access to auto and home insurance, annuities, life insurance and investment products from USAA as PenFed’s new preferred provider of such products.
  • Starting in 2011, USAA will be able to offer its members new, lower-rate jumbo mortgage options.
  • Members of both organizations will be able to speak to USAA staff at some PenFed branches in 2011 for their non-banking needs, either in person or through video telephony.

“This is just like two military services working together on the field of battle,” said retired Army Maj. Gen. Joe Robles, USAA’s president and CEO. “Our organizations share a mission and a passion for serving the military community, so we’re excited to share our strengths with the PenFed team to meet that common goal. The winners here are America’s military families.”

“PenFed couldn’t be more pleased to work with USAA in this innovative alliance,” said Frank Pollack, President, PenFed. “This venture ushers forth a dynamic opportunity to extend exceptional services to both of our membership communities. I believe we truly hit the mark here by making available USAA’s world-class insurance and investment products to our members, while allowing USAA to offer new competitive jumbo mortgages to its members. This union only heightens our vision to seek out viable services that combine outstanding value with true benefit to our membership, and that’s a mission we are extremely proud to stand behind.”

About Pentagon Federal Credit Union

PenFed is the third largest cred­it union in the United States, nearing one million members, with assets in excess of $14.7 billion. The credit union provides worldwide service to Department of Defense, Army, Marine Corps, Navy, Air Force, Coast Guard, and Department of Homeland Security personnel; members of the VFW; employees or volunteers of the American Red Cross; and others in the defense community and their families. 

About USAA

USAA provides insurance, banking, investment and retirement products and services to 7.8 million members of the U.S. military and their families. Known for its legendary commitment to its members, USAA is consistently recognized for outstanding service, employee well-being and financial strength. USAA membership is open to all who are serving or have honorably served our nation in the U.S. military – and their families. For more information about USAA, or to learn more about membership, visit USAA.com.

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