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News Now

CU System
Navy Federal to expand FOM to all armed forces
VIENNA, Va. (5/23/08)--Navy FCU says it will expand its field of membership to include all branches of the armed forces. Membership benefits will be available to all Navy, Marine Corps, Army, Air Force active duty, reserve and guard personnel and all civilians working in the Department of Defense, the $35 billion asset credit union said in a press release. The credit union outlined two reasons for the expansion. "In today's military environment," said President/CEO Cutler Dawson, "all branches of the armed forces share resources, conduct joint operations, serve on the same bases, and use the same exchanges, commissaries, and medical facilities. So we believe the time is right to extend that legacy of service …" Also, all members would benefit because membership growth would allow the credit union to offer a broader range of products and services at competitive rates. The credit union's name will remain the same. Last year the credit union increased its worldwide network of branches by 25% to 150 branches and hired 2,600 new employees for a total of 7,300 employees worldwide. Plans are underway to more than double the number of full-service branches in the next four years.


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