Philadelphia Federal Credit Union

Philadelphia Federal Credit Union
Company typeCredit union
IndustryFinancial services
FoundedApril 16, 1951 (1951-04-16) in Philadelphia, Pennsylvania, United States
HeadquartersPhiladelphia, Pennsylvania, United States[1]
Key people
  • Patricia Craven – President[2]
  • Bernard Lester – Chairman[3]
  • Joseph F. McHugh Jr. – Treasurer[4]
US$9.39 million (2024) [5]
Total assetsUS$1.71 billion (2024) [6]
Total equityUS$201 million (2024) [7]
Number of employees
289 (269 full-time, 20 part-time; 2025)[8]
Websitepfcu.com

Philadelphia Federal Credit Union (PFCU) is a credit union headquartered in Philadelphia, Pennsylvania. As of September 30, 2024, it reported $1.71 billion in assets, making it the sixth-largest credit union in the Philadelphia region and the ninth-largest in Pennsylvania.[9] PFCU operates 12 branches across the city and surrounding areas.[10]


Services

Philadelphia Federal Credit Union provides traditional credit union services including checking and savings accounts, consumer loans, mortgages, and credit cards. Credit cards are issued through Elan Financial Services, a third-party provider.[11]

The credit union also offers investment referrals through financial professionals affiliated with LPL Financial LLC, an independent broker-dealer.[12]

PFCU promotes private student loans in partnership with Sallie Mae Bank and other lenders. Philadelphia Federal Credit Union is not the creditor for these loans but receives compensation from Sallie Mae for loan referrals.[13]

Financials

As of September 30, 2024, PFCU reported US$1.71 billion in assets, US$201 million in equity, and net income of US$9.39 million.[14]

Recent net income figures show notable volatility:

Net income trends (audited)
Year Net income (US$ M)
2018 15.4 [15]
2019 17.8 [16]
2020 3.1 [17]
2021 19.6 [18]
2022 16.7 [19]
2023 10.3 [20]
2024 9.4 [21]

In total, net income fell in four of the past six years, with only a single large rebound in 2021, which was primarily attributed to post-COVID recovery and a low interest rate environment.

History

Philadelphia Federal Credit Union was founded on April 16, 1951, to serve Philadelphia municipal employees.[22]

During the late 20th century and early 2000s, PFCU expanded through a series of mergers, including with Temple Employees Federal Credit Union in 1983, Community Concern #13 FCU in 1989, Health & Human Service FCU in 1990, Afserco Staff FCU in 2004, and New Bethel AME FCU in 2012.[23]

In the 2000s, PFCU broadened its services to include mortgages, credit cards (issued through Elan Financial Services), investment referrals (via LPL Financial), and private student loan partnerships with Sallie Mae.[24][25][26]

By 2025, PFCU served over 120,000 members across 12 branches and reported $1.71 billion in assets.[27]

References

  1. ^ "PFCU Locations". Philadelphia Federal Credit Union. Retrieved August 22, 2025.
  2. ^ "Executive Team". Philadelphia Federal Credit Union. Retrieved August 22, 2025.
  3. ^ "Board of Directors". Philadelphia Federal Credit Union. Retrieved August 22, 2025.
  4. ^ "Board of Directors". Philadelphia Federal Credit Union. Retrieved August 22, 2025.
  5. ^ "Philadelphia Federal Credit Union 2024 Annual Report" (PDF). Philadelphia Federal Credit Union. 2024. Retrieved August 22, 2025.
  6. ^ "Philadelphia Federal Credit Union 2024 Annual Report" (PDF). Philadelphia Federal Credit Union. 2024. Retrieved August 22, 2025.
  7. ^ "Philadelphia Federal Credit Union 2024 Annual Report" (PDF). Philadelphia Federal Credit Union. 2024. Retrieved August 22, 2025.
  8. ^ "Philadelphia Federal Credit Union". NCUSO.org via iBankNet. Retrieved August 22, 2025.
  9. ^ "Philadelphia Federal Credit Union 2024 Annual Report" (PDF). Philadelphia Federal Credit Union. 2024. Retrieved August 21, 2025.
  10. ^ "PFCU Locations". Philadelphia Federal Credit Union. Retrieved August 21, 2025.
  11. ^ "Visa Credit Cards". Philadelphia Federal Credit Union. Retrieved August 21, 2025.
  12. ^ "Financial Planning". Philadelphia Federal Credit Union. Retrieved August 21, 2025.
  13. ^ "Student Loans". Philadelphia Federal Credit Union. Retrieved August 21, 2025.
  14. ^ "Philadelphia Federal Credit Union 2024 Annual Report" (PDF). Philadelphia Federal Credit Union. 2024. Retrieved August 22, 2025.
  15. ^ "Annual Report 2019" (PDF). Philadelphia Federal Credit Union. 2019. Retrieved August 22, 2025.
  16. ^ "Annual Report 2019" (PDF). Philadelphia Federal Credit Union. 2019. Retrieved August 22, 2025.
  17. ^ "Annual Report 2020" (PDF). Philadelphia Federal Credit Union. 2021. Retrieved August 22, 2025.
  18. ^ "Annual Report 2021" (PDF). Philadelphia Federal Credit Union. 2022. Retrieved August 22, 2025.
  19. ^ "Annual Report 2022" (PDF). Philadelphia Federal Credit Union. 2023. Retrieved August 22, 2025.
  20. ^ "Annual Report 2023" (PDF). Philadelphia Federal Credit Union. 2024. Retrieved August 22, 2025.
  21. ^ "Annual Report 2024" (PDF). Philadelphia Federal Credit Union. 2024. Retrieved August 22, 2025.
  22. ^ "The PFCU Difference". Philadelphia Federal Credit Union. Retrieved August 22, 2025.
  23. ^ "Philadelphia Federal Credit Union Mergers". CreditUnions.org. Retrieved August 22, 2025.
  24. ^ "Visa Credit Cards". Philadelphia Federal Credit Union. Retrieved August 22, 2025.
  25. ^ "Financial Planning". Philadelphia Federal Credit Union. Retrieved August 22, 2025.
  26. ^ "Student Loans". Philadelphia Federal Credit Union. Retrieved August 22, 2025.
  27. ^ "2024 Annual Report" (PDF). Philadelphia Federal Credit Union. 2024. Retrieved August 22, 2025.
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