PenFed, the Pentagon Federal Credit Union, is opening a Regional Financial Center in San Antonio, and will create nearly 600 financial services jobs, News Radio 1200 WOAI reports.
Virginia-based PenFed is one of the largest financial services firm in the country, with a focus on federal government employees and members and retirees of the U.S.miltiary. It counts 1.8 million members.
"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 PenFed 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."
Pen Fed is opening the San Antonio facility with a grant of up to $2.5 million from the Texas Enterprise Fund, which includes an extra bonus for hiring veterans.
Several executive management positions in research, mortgage and loan operations, service center operations, collections, and human resources, will be housed in the proposed San Antonio facility
. Pending incentive approvals, this new regional center would one day represent PenFed’s largest Texas operation.
“The new regional center will represent PenFed’s largest Texas operation, a vote of confidence for our community’s strong financial services sector,” Mayor Nirenberg said. “PenFed is an outstanding corporate citizen and cultural fit for our San Antonio community.”