Yet, from the midst of the Great Depression grew what would become the largest credit union in the world. The early 1930s were not prime years for banking. Once a source of emergency savings for those unable to find credit elsewhere, Navy Federal has come to offer car loans and home mortgages, placing it in direct competition with commercial banks resentful of credit unions' privileges as nonprofit institutions. With assets of more than $11 billion, it is a financial powerhouse that serves nearly two million members and symbolizes the growth of the thrift industry in the United States. Navy Federal Credit Union has been the world's largest credit union since the early 1960s. ![]() We currently have more than 1.6 million members and over $10.0 billion in assets.ġ933: Unionized Navy Department employees incorporate their own small thrift.ġ936: Navy Department Credit Union (NDCU) pays its first dividend of three percent.ġ947: NDCU rechartered as a federal credit union and extends membership to all Washington area naval personnel.ġ951: Professionalization of thrift begins with appointment of the first office manager.ġ954: Beginning with officers, membership offered to all US Navy employees worldwide.ġ962: Navy Federal Credit Union (NFCU) becomes the world's largest credit union.ġ977: NFCU relocates to massive new headquarters building in Vienna, Virginia. Over the years we have become the world's largest credit union, offering an extensive array of exceptional products geared to meet the specific needs of our membership. Navy Federal Credit Union will perform with such excellence that all present and potential members will choose Navy Federal Credit Union as the preferred source for their primary lifetime financial services. Incorporated: 1933 as Navy Department Employees' Credit Union of the District of Columbiaįor more than 60 years, Navy Federal has been tailoring a customized assortment of services to the lifestyle of the men and women of the US Navy and Marine Corps and members of their families.ĭriving that service is a commitment to our vision, which states:
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