PenFed Credit Union acquired marketing services agency WHITE64, which has served as PenFed’s marketing agency since 2014. When asked about the acquisition, Matt White, president of WHITE64, told Capitol Communicator that to stay relevant, agencies have to invest in new technologies, and the cost of that investment is something that many agencies can not manage on their own. White singled out business analytics, digital resources and video as priorities that require significant investment to grow an agency.
According to a release, under the terms of the agreement, WHITE64 will retain its name and operate as a virtually autonomous unit rather than an in-house agency. White will continue serving as president of the agency and WHITE64 will continue serving existing clients while also seeking new business.
“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 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 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). The company’s headquarters’ offices will remain in their current location in Tysons, Va.
WHITE64 was founded in 1964 as Nolan Duffy and White by E. James White, who had a passion for creative that delivered results. Today, clients include, PenFed Credit Union, CFP Board, Washington Metro, Koons Automotive Group, Luray Caverns, Bio Industries, Hilton, Visit Fairfax, Wolf Trap and Navy Mutual.