Connect with us

Technology

PenFed Credit Union Builds Momentum Through the Second Quarter of 2026

Published

on

Member-Focused Flywheel Accelerates as Mortgages, Consumer Lending, Support Services and Digital Banking Drive Continued Member Value

TYSONS, Va., July 29, 2026 /PRNewswire/ — PenFed Credit Union, one of the nation’s largest federal credit unions, reported strong year-to-date financial results through the second quarter of 2026, driven by the momentum of a member-focused flywheel of competitive rates, disciplined growth, exceptional service and continued digital innovation.

“PenFed’s second quarter results show the power of our flywheel in action,” said James Schenck, PenFed President and CEO. “When we deliver great rates, easy digital access, responsive service and responsible lending solutions, members respond, and that momentum strengthens our ability to serve even more members through every rate environment. PenFed has grown assets at a 9% compound annual growth rate from 2006 to 2026 while remaining focused on helping members achieve their financial dreams. Our mortgage and consumer lending continues to see accelerating volumes across all product lines on a year-over-year basis, while our support services teams on the phones and in branches continue to earn the highest consumer satisfaction scores. Our IT teams are also powering top-rated mobile and web experiences that process more than 13 million member interactions each month. I am incredibly proud of our employees and the momentum we have built through disciplined execution, thoughtful decision-making and an unwavering commitment to excellence.”

PenFed’s Q2 2026 Financial Highlights

Lending Momentum and Member Growth

Accelerated year-to-date auto loan originations to $1.3 billion, (up 49% year-over-year), reflecting strong member demand and competitive pricing.Increased year-to-date home equity line of credit originations to $766 million, (up 16% year-over-year), reflecting PenFed’s competitive home equity solutions.Increased year-to-date mortgage originations to $1.2 billion, (up 83% year-over-year), reflecting PenFed’s streamlined, service-focused home-lending experience.Grew year-to-date consumer lending volumes by nearly $490 million across product lines (up 15% year-over-year), reflecting increased member engagement and the flywheel effect of strong value, trusted service and digital access.

Earnings Growth

Reported year-to-date net income of $144 million, (up 73% year-over-year), supported operating discipline and credit performance.Increased year-to-date return on assets to 0.98%, (up 80% year-over-year), reflecting continued operating performance.

Capital and Liquidity Strength

Increased net worth ratio to 10.72%, reflecting strong year-to-date earnings and disciplined balance sheet management.Increased capital in excess of required regulatory net worth to $1.1 billion, further strengthening PenFed’s capital position.Maintained strong liquidity with total cash and investments at 17.0% of total assets, supporting member growth and continued financial strength.

Credit Quality and Risk Management

Improved year-to-date loan loss rate to 1.28%, (down 27% year-over-year), reflecting continued credit discipline, proactive portfolio management and improving performance trends.Improved year-to-date total delinquencies to $251 million, (down 13% year-over-year).

Member Experience and Digital Engagement

Support services teams on the phones and in branches continue to receive PenFed’s highest consumer satisfaction scores. These results reflect the strength of PenFed’s service culture and the commitment of employees who help members every day.PenFed’s IT teams continue to deliver top-rated mobile and web experiences that process more than 13 million member interactions each month, helping members manage their financial lives with speed, confidence and convenience.

Community Impact

Year to date, PenFed has contributed nearly $1 million in total community giving, supporting organizations and initiatives that advance financial well-being, military and veteran support, education, health and family services.PenFed sponsored and supported the Spring into Reading Book Fair at Children’s National Hospital, helping bring joy, comfort and a sense of normalcy to patients and families during their healthcare journey. The PenFed executive leadership team and employees volunteered, welcoming more than 420 visitors and distributing 818 books, serving more than 250 patients and siblings.

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.

View original content to download multimedia:https://www.prnewswire.com/news-releases/penfed-credit-union-builds-momentum-through-the-second-quarter-of-2026-302838282.html

SOURCE PenFed Credit Union

Continue Reading

Technology

De¹ Introduces Tokenized Asset World on BNB Chain, Developing Financial Intelligence Across the Full RWA Financial Landscape

Published

on

By

NEW YORK, Oct. 19, 2026 /PRNewswire/ — De¹ is launching Tokenized Asset World on BNB Chain, the first domain-specific world under its Financial World Model (FWM). It introduces specialized financial intelligence designed to understand the full onchain RWA landscape, from trading and collateral to borrowing, credit, liquidation and agent activity, and apply that knowledge to real financial decisions.

Traditional finance moves assets through separate networks of brokers, custodians, clearing systems and lenders. Each institution sees a different part of the lifecycle, while transfers, reconciliation and collateral requirements add friction to capital deployment. Bringing assets onchain makes financial activity more programmable, but it does not automatically connect the knowledge held across trading, financing and risk systems.

De¹ is establishing Tokenized Asset World on BNB Chain, where that real-assets financial ecosystem already unfolds in live markets. PancakeSwap, ListaDAO, Venus, Binance Agent OS and BNB Agent SDK span public trading, collateralized lending, structured credit and authorized agent activity. These activities produce distinct signals: executed prices, liabilities, vault constraints, liquidations and the outcomes of agent actions.

Tokenized Asset World brings fragmented financial knowledge into a coherent, learnable model of the full RWA landscape. The domain model is designed to understand the relationships and consequences across financial operations, with verified execution outcomes continuously refining De¹’s understanding of onchain financial physics. This introduces a new layer of intelligence to BNB Chain, enabling a more complete understanding of the tokenized-asset stack across trading, collateral, credit, vaults and agent activity.

AI agents can tap into this intelligence to operate across tokenized-asset markets with a more comprehensive view of liquidity, borrowing conditions, collateral exposure and liquidation risk as a whole. This deeper market understanding could raise more sophisticated strategies, execution and risk decisions. Each agent interaction, in turn, generates new evidence for the model, creating a continuous feedback loop between financial intelligence and live market execution while strengthening De¹’s broader Financial World Model.

About De¹

De¹ is the intelligent infrastructure platform at the intersection of DeFi and AI, building the Financial World Model grounded in live execution and real market feedback. It serves developers, traders, institutions, and AI agents through intelligent execution, unified liquidity, reinforcement learning optimization, and a continuously evolving data flywheel.

Contact: Marketing, pr@de1.ai

View original content:https://www.prnewswire.co.uk/news-releases/de-introduces-tokenized-asset-world-on-bnb-chain-developing-financial-intelligence-across-the-full-rwa-financial-landscape-302912966.html

Continue Reading

Technology

Plata reaches $1 Billion ARR Milestone, becoming the fastest digital bank ever

Published

on

By

The Mexico based digital bank shatters traditional digital banking scaling timelines, reaching a $1 Billion Annual Recurring Revenue  in less than 3.5 years from launch

MEXICO CITY, Oct. 19, 2026 /PRNewswire/ — Plata, the world’s fastest growing digital financial institution, today announced that in September 2026 it has crossed $1 billion in Annual Recurring Revenue (ARR), reaching the milestone in less than 3.5 years from launch in April 2023 and less than a year after receiving its full banking license. Plata´s growth makes it the fastest digital bank in history to reach this benchmark, and puts it on par with some of the world’s fastest growing leading AI companies, underlining Plata’s own AI and tech capabilities.

Plata reaches this goal after having reached more than 4 million customers in Mexico and having launched operations in Colombia at the beginning of September. In Mexico, Plata is now the fourth credit card issuer in the country by number of customers, and the only digital bank with a full product suite including credit, debit, investments, and small business banking. Plata’s growth is also nearing profitability, which is expected to be reached for its Mexico business within the next 6 months.

Plata changed the rules by building a universal financial platform powered by its own technology from day one. By setting up its core banking system, the company proved that regulated financial institutions can scale at AI-like speed without undermining operating performance.

“By building our own technology from scratch, we proved that a bank can move at AI company speed without compromising anything. Now we are ready to accelerate our innovation, make finance effortless and accessible for everyone.” Neri Tollardo, CEO of Plata.

As digital adoption accelerates across Latin America, Plata´s performance sets a new benchmark for financial infrastructure scaling, financial adoption, and operational efficiency in emerging markets.

About Plata

Plata is the fastest-growing financial institution in Latin America and the largest private digital bank by customer volume. In less than three years, we reached a valuation of $3.1 billion with 4 million active credit card customers and crossed $1 billion in Annual Recurring Revenue (ARR). Backed by $1.5 billion in equity investment, 1.5 in financing, and a workforce that includes 800 in-house developers, in Banco Plata we have built our own technological ecosystem, which includes a core banking system, CRM, and an app focused on simplifying the financial experience.

View original content:https://www.prnewswire.com/news-releases/plata-reaches-1-billion-arr-milestone-becoming-the-fastest-digital-bank-ever-302912970.html

SOURCE Plata

Continue Reading

Technology

Trends International Announces Kenneth Smith as President and Chief Executive Officer

Published

on

By

Experienced executive to lead company’s next phase of retail, digital commerce and strategic growth

INDIANAPOLIS, Oct. 19, 2026 /PRNewswire/ — Trends International, LLC, a leading publisher and manufacturer of licensed posters, calendars, stickers, wall art and social stationery products, today announced that Kenneth Smith has been appointed President and Chief Executive Officer, effective May 2026.

Smith will spearhead the company’s overall strategic direction and growth initiatives across its retail, wholesale, e-commerce, licensing and direct-to-consumer businesses. In his role, Smith will oversee Trends International and its portfolio of digital businesses, including Art.com and AllPosters.com.

Smith’s appointment comes as Trends International enters a new phase of expansion focused on broadening its retail presence, accelerating e-commerce, strengthening strategic customer relationships, developing new products and licenses, and pursuing partnerships and business opportunities.

“I am honored to lead Trends International and build on the strong foundation established by the company, its founders and its talented employees,” said Kenneth Smith, “We have an exceptional portfolio of brands, licenses, products and customer relationships, and we see significant opportunities to grow the business. Our focus will be on strengthening our retail partnerships, accelerating our digital businesses, developing innovative products and creating new strategic opportunities that deliver value for our customers, consumers, licensors and partners.”

Expanding Retail and Digital Footprint
Under Smith’s leadership, Trends International will continue to invest in its core retail business while broadening its digital commerce capabilities.

The company is focused on deepening relationships with major retailers, expanding distribution, improving merchandising, and developing new product platforms designed to create incremental sales opportunities.

Trends will also continue to build Trends Digital, bringing together the company’s e-commerce capabilities and creating a platform for future digital growth and potential e-commerce acquisitions.

The company’s digital portfolio includes Art.com and AllPosters.com, providing consumers with access to millions of images, posters, prints, wall art, and complementary décor.

“Trends has a tremendous opportunity to build upon its heritage while positioning the company for the future,” Smith said. “We are focused on growth, but equally important is how we achieve that growth — through strong customer partnerships, disciplined execution, innovation and a culture that empowers our people to succeed.”

Strategic Priorities
Smith’s leadership agenda includes several key areas of focus:

Retail growth — Expand relationships and sales with major national retailers and specialty channels.Product innovation — Develop new product formats, displays and seasonal programs that create incremental retail opportunities.Digital commerce — Accelerate the growth of Trends Digital, Art.com and AllPosters.com.Strategic partnerships — Forge new licensing, brand and business partnerships that expand the company’s market opportunity.Operational excellence — Improve organizational alignment, processes, technology, and execution across the company’s businesses.Talent and culture — Build a high-performing organization focused on accountability, innovation, customer service and sustainable growth.

“Kenneth brings a strong combination of leadership, customer focus and business development experience to Trends International,” said Phil St. Jean, Founder and Co-Executive Chairman of Trends International. “His vision for the company and his commitment to our customers, employees and partners make him the right leader for this next chapter. We are excited about what the future holds for Trends International and its businesses.”

About Kenneth Smith
Kenneth Smith is an experienced business executive with a background in sales leadership, strategic account development, business development, customer relationships, and organizational transformation. Throughout his career, Smith has focused on developing strategic growth initiatives, building high-performing teams, and creating long-term partnerships with major customers and business partners.

As president and chief executive officer of Trends International, Smith is responsible for the company’s overall strategy, growth, organizational leadership and business performance.

About Trends International
Trends International, LLC is a leading publisher and manufacturer of licensed posters, calendars, stickers, wall art and social stationery products. Established in 1987, Trends built its business around strong partnerships between licensors, retailers and licensees. Today, the company delivers a broad portfolio of licensed and proprietary products distributed through major retail, specialty, and digital channels.

Art.com, acquired by Trends International in 2023, is a leading online specialty retailer of high-quality wall art and complementary décor. The business offers millions of images and products through its digital commerce platform and interactive visualization tools.

AllPosters.com, part of the Trends International family of businesses, offers consumers a broad selection of posters, prints and wall décor.

For more information about Trends International, Art.com, AllPosters.com or Kenneth Smith, contact:

View original content to download multimedia:https://www.prnewswire.com/news-releases/trends-international-announces-kenneth-smith-as-president-and-chief-executive-officer-302912992.html

SOURCE Trends International

Continue Reading

Trending