Navy Federal Credit Union 2009 Annual Report Download - page 3

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•Opened 10 new branch offices,
most on or near military installations;
worldwide locations now exceed 180
•Provided the first ATM in the remote
desert location of Camp Lemonnier
in Djibouti, Africa
•Handled 17.2 million member calls,
1.2 million or almost 8% more than
in 2008, and further improved the
speed of calls answered
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•Introduced the highly popular
cashRewards credit card that provides
cash back with every purchase,
no annual fee and no expiration
or limits on rewards
•Initiated three tiers on signature
loans, giving members more flexible
repayment terms
•Made limited-time certificate offers,
providing terms of 9 to 30 months
and annual percentage yields from
1.76% to 2.71%
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•Once again rated Best in Class in the
latest American Customer Satisfaction
Index research. Overall satisfaction score
of 88 significantly surpassed others in
the banking industry
•Ranked #1 in Best Places to Work in
Hampton Roads by Inside Business
magazine
•Selected as one of Best Companies
to Work For by Florida Trend business
magazine
•Souda Bay branch in Crete, the only
U.S. financial institution in Greece,
named 2008 Department of the Navy
Credit Union of the Year
•Received LEED®(Leadership in Energy
and Environmental Design) Gold
certification for new Pensacola facilities
completed in 2009, in recognition of
green design and construction features
2009
$34.68
$36.40
$39.60
0
5
10
15
20
25
30
35
40
2007 2008 2009
3,004,352
3,408,432
3,194,292
0
500,000
1,000,000
1,500,000
2,000,000
2,500,000
3,000,000
3,500,000
2007 2008 2009
$31.4
$28.4
$31.2
$24.7
$28.2
$24.0
2008 2009
0
5
10
15
20
25
30
35
2007
Loans Savings
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(Dollars in Billions) (Dollars in Billions)
Cutler Dawson
President & CEO
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John A. Lockard
Chairman
aimann he Psiden
We are pleased to report that 2009 was an excellent year for
Navy Federal. In an era when many financial institutions struggled, Navy Federal
thrived. Members of all ages and from all branches of service turned to their credit
union for help financing homes, buying cars, saving for retirement and for products
and services that make managing their finances easier and more convenient.
Over 214,000 new members joined Navy Federal in 2009, bringing total membership
to 3.4 million, a nearly 7% increase over the previous year. ey chose Navy Federal
because of the products we offer, the world-class service we provide and our reputation
for safety and soundness.
Members needing loans found credit readily available at Navy Federal. During a year
when many institutions were reluctant to lend, we originated $6.4 billion in mortgage
loans—the second best year on record—and surpassed our commitment of $6 billion.
We opened more than 116,000 new credit card accounts. Of those, our new cashRewards
card was a popular choice, with over 43,000 cards issued by year end. Total loans grew
by $188 million and ended the year at $31.4 billion.
2009 also saw members bolstering their efforts to save more. Deposits grew by almost
$4 billion, a 15% increase over 2008. Navy Federal’s checking accounts experienced
strong growth ending the year at 2.2 million accounts. is demonstrates the compet itive
strength of our checking accounts that earn dividends, provide access to over 40,000
free ATMs and many that feature ATM fee rebates.
Continuing to improve convenience for our members remains a top priority. In 2009,
we opened 10 new branch offices, developed a new mobile banking service and made
improvements to online Account Access, which saw enrolled subscribers increase by
13% to reach 2.7 million.
Navy Federal ended the year with assets of $39.6 billion, an increase of $3.2 billion.
Our success is measured by the service we provide and the trust our members have
in us. Looking ahead, we pledge to continue that tradition of service excellence and
unmatched trustworthiness. It has served our members well for over 76 years and
will continue to do so in the years ahead.
Report from the