PenFed Credit Union has bought a marketing agency, which it plans to run as an independent subsidiary that will continue as the agency of record for the Tysons, Va., credit union.
PenFed ($23.7 billion in assets, 1.7 million members) announced Wednesday that it purchased WHITE64, which has served as PenFed's marketing and advertising agency since 2014. The announcement did not say how much PenFed paid for the Tysons, Va., agency.
Under the terms of the agreement, WHITE64 will retain its name and operate as a virtually autonomous unit rather than an in-house agency. White64 will continue serving existing clients while also seeking new business in all sectors. Kerry Beutel will continue as its president and chief operating officer, while Matt White, formerly its chairman and CEO, will continue serving as president of the agency.
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