Pentagon Federal Credit Union will open a new $48 million regional financial center in San Antonio and create 571 new jobs.
In a Friday announcement, Texas Gov. Greg Abbott said the state will assist with a $2.5 million grant from its deal-closing Texas Enterprise Fund. The grant includes a bonus for hiring veterans.
PenFed is one of the largest credit unions in the country, serving more than 1.8 million members worldwide.
“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,” Abbott said.
PenFed CEO James Schenck said the credit union specifically wanted “a pro-business, military-friendly state” for the new center.
“We ultimately chose San Antonio because the city and the surrounding area provide a highly skilled diverse talent pool and world-class amenities to support PenFed’s leading position as a destination employer,” he said.
The military has had a significant presence in San Antonio for years. Joint Base San Antonio, made up for two Air Force bases, an Army medical center and an Air Force intelligence headquarters, has an estimated impact of $48.7 billion annually on the San Antonio economy.