PenFed Foundation Receives $100,000 Donation from MidCountry Bank To Further Mission of Financially Empowering Military Community

TYSONS, Va., Sept. 28, 2020 /PRNewswire/ -- The PenFed Foundation, a national 501(c)3 founded by PenFed Credit Union, today announced it received a generous $100,000 donation from MidCountry Bank to empower military members, veterans and caregivers with financial stability and opportunity. The funds will be used to provide members of the military community with emergency financial assistance, help veterans achieve the dream of home ownership and support investments in veteran entrepreneurs.

"We are very thankful for the generosity of MidCountry Bank as we continue to support the military community during these challenging times," said PenFed Foundation President and retired U.S. Army Gen. John "Mick" Nicholson, Jr. "This donation helps us continue our work of ensuring service members are able to serve our nation free of financial worry and that veterans live with a strong financial future."

Steve Meads, MidCountry Bank President and CEO added, "MidCountry is grateful for the opportunity to support such an important cause, made even more crucial during the Pandemic.  As a community bank, we look for meaningful ways to give back. This new partnership serving veterans in a variety of ways aligns well with our core values."

A portion of MidCountry Bank's donation will be used to provide veterans with emergency financial assistance, including funding for the Foundation's COVID-19 Emergency Financial Relief Program. In March 2020, PenFed Foundation became the first national Veterans Service Organization (VSO) to launch a COVID-19 relief program providing emergency financial assistance for veterans and service members. To date, over 1,000 military families have received COVID-19 emergency financial relief since March 17.

Funds will also be used to support members of the military community in MidCountry Bank's backyard of Minnesota, North Dakota, South Dakota, Iowa and Wisconsin achieve their dreams of home ownership. The Foundation's Dream Makers Grant provides active duty, Reserve, National Guard or veteran first-time homebuyers with matching grants for down payment and closing cost assistance. MidCountry Bank is also supporting veteran entrepreneurs through the Veteran Entrepreneurship Investment Program (VEIP).

About PenFed Foundation

Founded in 2001, the PenFed Foundation is a national nonprofit organization committed to empowering military service members, veterans and their communities with the skills and resources to realize financial stability and opportunity. It provides service members, veterans, their families and support networks with the skills and resources they need to improve their lives through programs on financial education, homeownership, veteran entrepreneurship and short-term assistance. Affiliated with PenFed Credit Union, the Foundation has the resources to effectively reach military communities across the nation, build strong partnerships, and engage a dedicated corps of volunteers in its mission. The credit union funds the Foundation's personnel and most operational costs, demonstrating its strong commitment to the programs the Foundation provides. Equal Housing Opportunity. To learn more, visit www.penfedfoundation.org.

About MidCountry Bank

MidCountry Bank is a full-service bank headquartered in Bloomington, MN. With 13 branch locations in Minnesota, MidCountry actively engages in its communities to provide high quality, diversified financial services and solutions for consumer and business clients. A comprehensive scope of banking, cash management, equipment leasing, insurance and investment products, tools and services make MidCountry Bank a solid financial ally. Visit www.MidCountry.bank to learn more.

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SOURCE PenFed Foundation