WASHINGTON — All employees of the military are now eligible to join Navy Federal Credit Union because it just received NCUA permission to expand its field of membership to the entire armed services.
Navy FCU President/CEO Cutler Dawson said they are expanding because all branches of the armed forces share resources and often work on the same bases. Also, they will be able to attract Army and Air Force members to join the credit union as it expands to facilities nearer their new bases.
"Adding new members is good news for our credit union because it allows us to offer an even broader array of products and services at highly competitive rates," Dawson said.
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It has been in an expansion mode recently. Last year it increased its network of branches by 25% and hired 2,600 new employees.
The credit union's board approved the decision Wednesday night after the NCUA granted the request earlier this month.
Navy FCU is the nation's largest credit union. It has assets of $35 billion and more than 7,300 employees.
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