Securitization leveraged to further strengthen credit union through diversified funding, increased liquidity and net worth
TYSONS, Va., July 2, 2026 /PRNewswire/ — PenFed Credit Union, one of the nation’s largest federal credit unions, today announced the closing of its fourth prime auto loan securitization offering PenFed Auto Receivables Owner Trust 2026-A (PNFED 2026-A). The transaction closed on June 22 and issued $354 million of fixed-rate, amortizing asset-backed notes backed by prime auto loans.
“PenFed is proud to announce our fourth auto loan securitization,” said PenFed Credit Union President/CEO James Schenck. “This fourth securitization diversifies funding, increases liquidity and strengthens net worth.”
The securitization is a private placement offering, which in the United States is offered only to qualified institutional buyers under Rule 144A. The asset-backed notes were offered in five senior (including the A-IO tranche) and three subordinate tranches of notes and rated by S&P and Fitch.
“PenFed is pleased that this auto loan securitization offering was very well received by the market,” said PenFed Credit Union CFO and EVP, Sarah Heintzman. “We plan to remain a programmatic issuer and continue leveraging securitization as a tool to help us serve our members by diversifying liquidity and funding options.”
J.P. Morgan Securities LLC acted as the structuring lead of the transaction and Goldman Sachs & Co LLC, acted as joint lead with CIBC World Markets Corp as the co-manager on the transaction.
About PenFed Credit Union
Established in 1935, Pentagon Federal Credit Union (PenFed) is one of America’s largest federal credit unions, serving nearly 2.8 million members worldwide with $29 billion in assets. PenFed Credit Union offers market-leading certificates, checking, credit cards, personal loans, mortgages, auto loans, student loans, and a wide range of other financial services with members’ interests always in mind. PenFed Credit Union is federally insured by the NCUA and is an Equal Housing Lender. To learn more about PenFed Credit Union, visit PenFed.org, like us on Facebook and follow us @PenFed on X. Interested in working for PenFed? Check us out on LinkedIn. We are proud to be an Equal Employment Opportunity Employer.
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SOURCE PenFed Credit Union
