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Navy Federal Credit Union • 2013 Annual report
3
2013 was a monumental year for Navy Federal. New members chose Navy Federal in record
numbers. They joined for the valuable products and services we oer, and for our reputation for
trustworthiness and putting the best interests of our members first. The many achievements of
2013 took place during a year in which we experienced a government shutdown, a resurgence in
the housing market, and a continuing digital explosion that is changing the way members manage
their finances and communicate with us. As always, we strive to anticipate our members’ changing
financial needs by delivering innovative products and services, while remaining true to our guiding
principles of service, commitment, and integrity.
2013—Behind The Numbers
As we look back on our 80th year of service, it is important to remember that behind the
numbers is a member who got a new car, bought a first house, or started saving for retirement.
These are real individuals with real needs, whom Navy Federal is proud to help and to serve.
Nearly 700,000 new members joined Navy Federal in 2013,
bringing total membership to 4.7 million, an 11% increase
over the previous year. This was also the year we welcomed
the U.S. Coast Guard into our field of membership. Why did
so many individuals choose Navy Federal? The reasons are
many. For some, it’s the appeal of low loan rates—maybe
to get that new car. Many join on the recommendation of a
friend, family member, or coworker. Active Duty members
appreciate Navy Federal’s expanding branch presence around
military installations. These new members are very engaged,
depositing nearly $1 billion and taking out over $1 billion in
consumer and mortgage loans.
Navy Federal’s members clearly embrace the virtue of thrift, adding nearly $3 billion in deposits
during 2013. By year end, total savings stood at $40 billion, an increase of 7%. Member investments
through Navy Federal Financial Group, our subsidiary, increased by 27% to reach $1.8 billion.
Navy Federal Financial Group oers investment services, insurance products, and financial
planning to our members.
Our checking accounts, which feature dividends, no fees, free debit cards, and mobile deposit
capability, also experienced record growth. The number of checking accounts increased by
13% to surpass 3 million. Active Duty Checking® remains a popular favorite of our young military
members. They appreciate the early posting of pay and ATM fee rebates of up to $20 per month.
Checking accounts with direct deposit increased 13% to 1.5 million accounts. Direct deposit is a
key indicator that the member views Navy Federal as their primary financial institution. By year
end, members had $7 billion on deposits in checking accounts.
Report of the Chairman & President
As we look back on our
80th year of service, it is
important to remember
that behind the numbers
is a member who got a
new car, bought a first
house, or started saving
for retirement.