Thank you for sharing!

Your article was successfully shared with the contacts you provided.

VIENNA, Va. – The largest credit union in the world reached a milestone no other in the movement has yet to attain. Navy Federal Credit Union became the first credit union ever to reach the $20 billion in assets mark this year. Chartered in 1933 by three civilian Department of Navy employees who pooled together $70 to provide emergency loans to each other, by the end of that year, the credit union had 49 members and $450 in assets. Nearly 60 years later, the credit union has grown to 2.4 million members, 4,000 employees, $20 million in assets and 98 branches worldwide, making it the largest in the nation. President/CEO Brian McDonnell said 100,000 new members are expected to join by the end of 2003. Technology has significantly contributed to Navy’s growth, which brings in an average of $2 billion annually, he said.

Complete your profile to continue reading and get FREE access to CUTimes.com, part of your ALM digital membership.

Your access to unlimited CUTimes.com content isn’t changing.
Once you are an ALM digital member, you’ll receive:

  • Critical CUTimes.com information including comprehensive product and service provider listings via the Marketplace Directory, CU Careers, resources from industry leaders, webcasts, and breaking news, analysis and more with our informative Newsletters.
  • Exclusive discounts on ALM and CU Times events.
  • Access to other award-winning ALM websites including Law.com and GlobeSt.com.

Already have an account?


Credit Union Times

Join Credit Union Times

Don’t miss crucial strategic and tactical information necessary to run your institution and better serve your members. Join Credit Union Times now!

  • Free unlimited access to Credit Union Times' trusted and independent team of experts for extensive industry news, conference coverage, people features, statistical analysis, and regulation and technology updates.
  • Exclusive discounts on ALM and Credit Union Times events.
  • Access to other award-winning ALM websites including TreasuryandRisk.com and Law.com.

Already have an account? Sign In Now
Join Credit Union Times
Live Chat

Copyright © 2022 ALM Media Properties, LLC. All Rights Reserved.