PenFed Credit Union to acquire Scranton-based credit union

Published February 8, 2017 by Jessica Sabbath

PenFed Credit Union of Tysons announced it is acquiring Valor Federal Credit Union of Scranton, Pa.

At least 30,000 potential members will become eligible to join PenFed. The new members will earn higher savings rates and lower loan rates, according to PenFed. Valor members include military and civilian employees at the Tobyhanna Army Depot and employees from hundreds of companies in Northeastern Pennsylvania.

PenFed is one of the largest credit unions in the country, with more than 1.5 million members and more than $21 billion in assets. The credit union currently has more than 36,500 Pennsylvania residents.

The credit union said in a release that is expanding its member and employee bases and geographical footprint.