PenFed Credit Union merging with Belvoir Federal

WASHINGTON — Pentagon Federal Credit Union will get even bigger in May when it merges with Woodbridge-based Belvoir Federal Credit Union.

Belvoir Federal has 26,000 members, mostly in the D.C. region, and $320 million in assets. Alexandria-based PenFed has 1.4 million members worldwide and $20 billion in assets.

The merger will be official May 1.

The Belvoir Federal Credit Union name will go away. All of its branches will remain open and be rebranded as PenFed branches.

Earlier this year, PenFed picked up about 6,200 members through a merger with Fort Gordon and Community Credit Union in Georgia.

PenFed has been in aggressive growth mode recently. Last year, it hired more than 600 new employees, including close to 300 in the D.C. metro area. Its assets grew by $1.6 billion in 2015.

Also, PenFed is moving to a new headquarters in Tysons Corner that it bought last year, an 11-story tower called Tysons Overlook that also includes adjoining land for future expansion.

It expects to move as many as 500 employees to the new headquarters in the third quarter of this year.

Jeff Clabaugh

Jeff Clabaugh has spent 20 years covering the Washington region's economy and financial markets for WTOP as part of a partnership with the Washington Business Journal, and officially joined the WTOP newsroom staff in January 2016.

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