Navy Federal Credit Union 2007 Annual Report Download - page 4

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Report from the Chairman and President
The year of 2007 was
one of incredible growth
at Navy Federal. Our
ongoing member service initia-
tives resulted in many records
being set and goals exceeded.
We delivered, and then some,
on our promises.
One key focus this year was
to improve member access by
expanding Navy Federal’s
branch and ATM networks and
by improving a member’s
experience when he or she
calls us. In terms of expansion,
we delivered 34 new branches,
surpassing the 31 we promised
in last year’s annual report, and
we installed 52 ATMs instead
of the promised 34.
Complementing branch
growth was the further exten-
sion of branch hours at more
locations, including adding
Saturdays and even Sundays in
some areas. We’ll continue to
evaluate service hours at
remaining locations in 2008.
We hired 2,800 employees
throughout 2007, many of
whom were needed for our
new branches and to
increase our call-handling
capabilities. Three million
more calls were handled this
year than in 2006, and wait
time was dramatically reduced.
Our excellent financial
performance for the year takes
on even greater significance in
light of our expansion efforts.
Assets grew by 22% to reach
$33.0 billion, and membership
increased 6% to over three
million. Total loans increased
28% to $26.5 billion, and
savings increased by 16% to
$24.0 billion. And while we’re
not immune to the economy,
we’re pleased to report that we
processed 26% more mortgages
than in 2006. Our healthy
mortgage program reflects our
policy of not making sub-prime
loans and of guiding members
to mortgages that best meet
their needs.
Other key accomplishments
from 2007 include:
•We were top rated as a
credit card issuer for overall
member satisfaction by a leading
consumer magazine. We also
received top marks in a separate
independent study for being
one of the safest card issuers for
fraud prevention and resolution.
“We delivered,
and then some,
on our promises.
”
2Navy Federal
(Left to right)
John A. Lockard, Chairman
Cutler Dawson, President & CEO