The world’s largest credit union said it notched a record year in 2012, hitting new marks for new members, loans and checking accounts.
Membership at the $52.5 billion Navy Federal surpassed 4 million as 600,000 new members joined, the Vienna, Va., credit union said. There were $10 billion in mortgage originations – driven by historically low rates and an offer to pay $2,500 in closing costs – and another $4.8 billion in in auto loans, a 46% increase over 2011, Navy Federal said.
The credit union opened 22% more credit card accounts in 2012 than 2011, nearly 250,000 of them, Navy Federal said, citing the success of several low-rate card products and promotions.
“Our success is due to our focus on doing the right things for our members,” said Cutler Dawson, Navy Federal president/CEO. “We want members to trust that they get the best value for their money—that’s more important now than ever.”