Serving a “Community” Must Be
More than a Buzzword
By James Schenck
In recent years the word “community” has become a
buzzword for businesses of all kinds. So many companies
refer to themselves as a “community” that it’s become
difficult to define what the word actually means.
His View
Being involved in a variety of
communities, from the military to the
Latino and Latina business communities,
here’s what I’ve found are the hallmarks
of a thriving community:
Human connection. One of the
greatest advantages of the digital
age is that businesses can offer
consumers greater convenience. But
the biggest difference between a digital
network and a genuine community
is a personal connection.
This is one of the great differentiators
and benefits of PenFed. From
high-yielding online checking accounts
to certificates paying the best rates
in America, we’re investing heavily in
products and technologies that
benefit our entire community. But at the
same time, we work hard to serve our
members as individuals. PenFed
commits 2% of our net income each year
to give back to our communities
through charitable donations. From
supporting start-up businesses through
our charitable foundation and donating
time and money to our local communities
across the nation, we connect with thousands
of people from all walks of life and serve
them where they are.
Sticking around in the hard times. In my
experience, tough times are not a time to
withdraw. They’re an opportunity to dig in
and draw closer together. When you are in
a genuine community, you share your
struggles and your solutions.
This can take many forms. For PenFed, it
means making commitments to help residents
of hard-hit communities. This is why
immediately after Hurricane Maria we waived
ATM fees for everyone in Puerto Rico.
We waived loan payments for borrowers
who needed time to take care of family
members, repair their homes, and find new
jobs. We provided free food, water and
generators for our Puerto Rico employees. We
hosted a free concert with movie star Gary
Sinise to celebrate Puerto Ricans’ resilience
and let them know they are not forgotten.
While other companies are pulling out
of Puerto Rico, PenFed is going all in. We’re
committing $4 million to build a fourth
branch in Puerto Rico. That will provide jobs
and help a local community that is still
working hard to recover.
Growing together. But serving a
community isn’t just delivering aid or
crisis management. People in communities
also help each other grow.
This is what we do at PenFed. We
help our members – including 300,000
Latinos and Latinas – achieve their
lifelong dreams. For some this means
buying a home or earning a college
degree. That’s why we donated
$640,000 to Esperanza, helping
Latino and Latina students achieve
higher education and move one step
closer to their American dream.
Others dream of starting their own
business. So we launched the Veteran
Entrepreneur Investment Program to
help veterans – including Latino and
Latina veterans – start and grow their
own businesses.
Recently, I had the privilege of joining
the Board of the Greater Washington
Hispanic Chamber of Commerce. It
gives me one more way to leverage
my personal and professional networks to
help others grow.
Ultimately, the strongest communities
are built by people who dream big and
work hard – those who see the power of
coming together to accomplish something
greater than themselves. I’m proud to
lead an organization that serves so
many remarkable communities, from
Washington to San Juan to San Diego. Each
and every day, the people remind me that
community is far more than a buzzword.
James R. Schenck is president and
CEO of PenFed Credit Union.
46 www.latinastyle.com LATINAStyle Vol. 24, No. 3, 2018
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