PenFed Credit Union announced today its acquisition of the award winning, independent marketing services agency WHITE64, which has served as PenFed’s marketing and advertising agency since 2014.
Under the terms of the agreement, WHITE64 will retain its name and operate as a virtually autonomous unit rather than an in-house agency. Matt White will continue serving as President of the agency. White64 will continue serving existing clients while also seeking new business in all sectors.
“Matt White and his team at WHITE64 have fueled PenFed’s growth since our rebranding in 2014,” said PenFed President and CEO James Schenck. “I see that value is not only for us, but for WHITE64’s entire roster of clients. This acquisition is designed to empower the agency to offer its best-in-class marketing services to national, state and local clients, including other credit unions. We’re thrilled to have WHITE64 officially become part of the PenFed family.”
“This partnership is all about continuing to build upon the winning value proposition to our existing and new clients by being able to deliver full-service offerings and results across all media platforms in the days and years ahead,” said White. “It’s going to help us provide our current clients with a greater array of services while also helping us attain the scale we need to attract new clients who are seeking a full-service agency with a wide range of integrated capabilities.”
White added that the acquisition will help the agency increase its competencies specifically in the increasingly important and growing areas of advanced data, research, and analytics – a move that will allow WHITE64 to fully support the future needs of new and existing clients.
Under terms of the agreement, WHITE64’s entire 50-plus-member staff and C-level executive suite will remain intact, and the agency will continue to conduct business as usual as a separate limited liability company (LLC). White will continue as President, and the company’s headquarters’ offices will remain in their current location in Tysons, Va. White expects the agency to add staff as they expand capabilities in the areas he cited.
Over the past four years, WHITE64 has served as Agency of Record for PenFed, its largest client, offering creative and media services, helping rebrand from Pentagon Federal Credit Union to PenFed, and launching the PenFed “Great Rates Across America” campaign.