Credit Union Mortgage Giant Buys Another Realty Firm
Pentagon Federal Credit Union said its PenFed Realty unit has agreed to acquire Prudential Dinning-Beard Realtors, the fourth Prudential agency acquired in the past two years by the fast-growing CU Realty subsidiary.
The latest deal calls for the Wichita, Kan., agency, which has 275 agents, to retain its name and continue to be run by its current owners, Willie Kihle and Mona Stein.
After the sale, the firm will be known as Prudential PenFed.
The deal comes on the heels of PenFed Realty’s acquisition of Pensacola, Fla.-based Prudential Coastal Properties, and follows other acquisitions of Prudential Carruthers Realtors in Washington, D.C., and Prudential Professional Realty in Tennessee, as well as Exit Slater Realtors in San Antonio since the start of 2010.
The $15 billion credit union, one of the biggest mortgage lenders in the D.C. metropolitan area, has built the CUSO over the last three years into a full-service real estate company with an annual sales volume over $1.7 billion and 1,400 agents at 47 offices.