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PenFed Credit Union opens $1.9M branch in Ponce

PenFed Credit Union announced the opening of its new financial center at Plaza Del Caribe Mall in Ponce, after a $1.9 million investment.

The new 4,500-square-foot financial center creates 11 jobs in the Ponce community and provides “tens of thousands of residents in south-central Puerto Rico access to some of the best checking, savings, certificate and loan rates in all of the United States,” the company said.

“PenFed is proud to serve the Ponce community and all of Puerto Rico,” said PenFed Credit Union President James Schenck. “The best way to serve Puerto Rico is by creating jobs and helping people do better financially. PenFed continues to invest in the resilient people of Puerto Rico.”

The opening of the new location “represents PenFed’s commitment to meeting the needs of members across Puerto Rico, while continuing to support Puerto Rico’s economy by providing financial services and adding employment opportunities. PenFed is open to everyone and committed to helping members achieve their financial goals,” the company said.

The Ponce financial center offers a full range of member services including loan products, checking and savings accounts, credit cards and live teller services Monday through Friday from 9 a.m. to 5:30 p.m. and Saturday from 9 a.m. to 1:30 p.m.

PenFed currently serves more than 222,000 members in Puerto Rico with financial centers in San Juan, in Hatillo — which opened in 2018 at a cost of $4 million — and on the U.S. Army Garrison Fort Buchanan. In all, PenFed has created nearly 100 jobs in Puerto Rico.

PenFed has had a presence on the island for 14 years, and members in Puerto Rico currently have more than $1.3 billion in deposits and more than $891 million in loans.

As part of its social corporate responsibility platform, PenFed and EVERFI — an education company — have partnered over the past two years to deliver a scalable financial education technology platform at no cost to 1,200 public and private K-12 school students in 24 schools across Puerto Rico.  

Students are provided access to a proven curriculum teaching them how to make smart financial decisions and achieve success in life. The program is called “Your Money, Your Dreams.”

Following Hurricane María, PenFed supported members in Puerto Rico by providing loan payment relief for borrowers facing hardships caused by the natural disaster. PenFed employees received $150,000 in aid packages that included a disaster relief stipend, two weeks’ worth of meals and portable power generators.

PenFed also teamed up with Gary Sinise Foundation to host a benefit concert that raised national awareness of Puerto Rico’s ongoing recovery needs and delivered a night of relief and entertainment for survivors on the island.

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This story was written by our staff based on a press release.

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