Navy Federal Credit Union 2005 Annual Report Download - page 4

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2navy federal report to members 2005
We at Navy Federal believe that vibrant organizations are con-
stantly looking for ways to improve. In 2005, we continued
to expand products and enhance convenience as we sought
ways to better meet the unique needs of our members, who now
number over 2.6 million.
Being able to meet the needs of the military and their families
requires us to be on solid financial footing, and 2005 was a very
successful year. Assets reached more than $24.6 billion, up 8%
from last year, and reserves increased 11% to $2.7 billion, assuring
our safety and soundness.
Our financial stability allowed us to concentrate on improving
members’ overall account access and convenience by adding new
member service centers and ATMs in 2005. We also made major
enhancements to
Navy Federal Online
®Account Access, giving
members even greater control of their own account management.
New products, services and special offers continue to attract and
keep members. Several are especially popular with younger mem-
bers, many of whom are just starting to develop a financial plan. The
HomeBuyers Choice mortgage, introduced in 2005, requires no
money down and no PMI (private mortgage insurance). It’s a favorite
among first-time homebuyers.
The EasyStart Certificate was a frequent choice in 2005, with its
low $250 minimum and rates that increased eight times throughout
Chairman Lockard and President Dawson
report from the
chairman and
the president