Is this an appropriate use of PenFed Credit Union’s tax exempt status? From CUInsight:
TYSONS, VA (September 5, 2018) — 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.”