Governor Abbott Announces New PenFed Credit Union Regional Center In San Antonio

January 25, 2019 | Austin, Texas | Press Release

Governor Greg Abbott today announced Pentagon Federal Credit Union (PenFed) will open a new Regional Financial Center in San Antonio, Texas, pending local incentive approvals. The new facility will create 571 new jobs and over $48 million in capital investment. PenFed is one of the largest credit unions in the country, serving more than 1.8 million members worldwide. A Texas Enterprise Fund (TEF) grant of up to $2,523,850, which includes a bonus for hiring veterans, has been extended to Pentagon Federal Credit Union.

"PenFed's decision to expand their reach in San Antonio serves as yet another testament to what makes Texas great – our talented workforce and robust economic climate," said Governor Abbott. "With the creation of nearly 600 new jobs and over $48 million of capital investment, the economic impact of this new facility will be felt across San Antonio. I thank PedFed for their investment in Texas, and I look forward to building upon our strong business relationship as we strive to take the Lone Star State to new heights." 

“PenFed’s top priority for our new regional center was to locate in a pro-business, military-friendly state,” said James Schenck, PenFed’s President & CEO. “We ultimately chose San Antonio because the city and the surrounding area provide a highly skilled diverse talent pool and world-class amenities to support PenFed’s leading position as a destination employer. We look forward to growing PenFed’s business throughout Texas for years to come.” 

“The new regional center will represent PenFed’s largest Texas operation, a vote of confidence for our community’s strong financial services sector,” said Ron Nirenberg, Mayor of the City of San Antonio. “PenFed is an outstanding corporate citizen and cultural fit for our San Antonio community.”

“Bexar County has the workforce available and is ready to attract significant investments from the nation’s top employers, such as Pentagon Federal Credit Union,” stated Bexar County Judge Nelson Wolff. “PenFed plans to hire nearly 600 employees in the county for positions in financial services, technology and customer service – contributing to our economy and future success.”

“Now is the time to invest in San Antonio and our rapidly growing financial services and technology industries. PenFed will further elevate a base of innovative, community-focused, strong corporate citizens here in San Antonio,” said Jenna Saucedo-Herrera, President & CEO of the San Antonio Economic Development Foundation.

View more information about Pentagon Federal Credit Union.