Navy Federal Credit Union In Arizona – It took 75 years for the nation’s largest credit union to surpass Navy and Marine Corps families and those affiliated with the Department of Defense. But when the company finally reached out to people involved in the military and air force, it was eager.
The increase in membership finally made sense for the credit union to focus on Arizona and other landlocked states.
The Federal Navy had two naval branches in Uma to serve the personnel attached to the Marine Corps Air Station. They were acquired in 2003 through a merger with another credit union. It recently opened Peoria, Mesa and Sierra Vista branches — all attached to Air Force or Army bases — with another Valley branch in the works in 2016.
People like Charles Castro, a Phoenix resident who two years ago worked as a civilian contractor at the Air Force Base in his hometown of Guam, supported the expansion.
Last year, he approved two percent auto loans from the Naval Federal Service at lower interest rates and faster rates than other banks and credit unions offer. This was important to Castro, who had been unemployed for some time.
“When I lost my job and needed to rebuild my credit, the Navy was there for me,” he said.
Credit unions are non-profit financial institutions. Because they don’t pay corporate taxes, they can often offer slightly better interest rates on credit cards, conventional loans, savings accounts — and the banking industry’s reviled, with some justification, credit unions. take advantage of it
Non-profit status also allows credit unions to offer competitive rates to customers or members because they do not have to meet shareholder profit requirements.
Cutler Dawson, president and CEO of Navy, believes this different mindset allows credit unions to treat customers and employees better.
As one example, he cites a mortgage product currently being offered called HomeBuyers Choice, which requires no down payment or mortgage insurance payments. Second, Dawson said, the Navy has never fired a man since its inception in 1933.
“We want our employees to be loyal to us, so we’re going to be loyal to them,” he said during a stop at the Navy’s Peoria branch near Luke Air Force Base.
This unpaid mortgage may be a path to financial suicide for the Navy. The housing collapse was accelerated by lending to people who had no means and no incentive to repay their debts.
But Dawson said borrowers typically target non-military relatives, who carry slightly higher interest rates than other Navy mortgages and can’t afford Veterans Administration mortgages.
Fleet Federal Arizona has approximately 84,000 customers or members. In addition to active and retired military personnel, their relatives can join the Federal Navy. The same is true for Coast Guard and Department of Defense workers and their families, in part because of the credit unions’ locations in Maryland, Virginia and Washington, D.C.
In addition to the Arizona push, the Navy has moved into other landlocked states in recent years, including Colorado, Kansas, Kentucky, Missouri, New Mexico, Nevada and Oklahoma.
With 5.3 million members, Navy Credit Union is larger than any other credit union and operates in more states in most states. It even has several branches on US military bases in Europe, the Middle East and Asia. This broad geographic scope means that the Federal Navy can reduce its mortgage risks by spreading it across multiple real estate markets.
Most credit unions are primarily about customer service. When Arizona’s real estate market stalled beginning in 2006, many of the credit unions and some small banks located here were hit hard because loans were focused on that market.
Navy stands out in another way – it continues to expand its branch network, while many competitors switch to electronic banking and closed locations. Dawson, a retired Navy vice admiral who also served as the Navy’s budget officer, said the company rarely closes the branch except in unusual circumstances, such as when a nearby military base closes. The Navy has 259 branches and plans to add 20 this year.
Michelle Rojas was in the Peoria office last week fielding questions about transferring balances between accounts. Although he could do it online, he wanted to make sure he was doing it right, so he stopped by speaking with a representative in person.
As the parents of a son serving in the Navy, the Rojases were allowed to enlist in the Federal Navy. He is very happy.
Arizona doesn’t have a shore or many Navy personnel, but the Navy Federal Credit Union has branched out in the state to serve members of other military branches. The credit union has five locations in Arizona, with a sixth planned for 2016.
The nation’s largest credit union has grown in recent years. Here is basic information about Navy Federal Credit Union:
Clients: Serves the Navy, Army, Air Force, Marines and Coast Guard and others associated with the military, including contractors and Department of Defense personnel. Family members of military and defense personnel can also join.
• Products: offers deposit accounts, mortgages, credit cards and other loans. The branch offers investments, insurance and more.
• Finances: The company has $64 billion in assets, including $47 billion in loans, and employs 13,000 people. Navy Federal Credit Union is one of the fastest growing, opening an average of 20 new branches each year. Serving all branches of the US armed forces, as well as Department of Defense personnel and military veterans, the organization had nearly 8 million customers at the end of 2018. A new branch opened in St. Marys, Georgia, demonstrates the impact of South Coast design on NFCU’s new facilities in the region.
This regional influence can be seen in the high roof of the building, especially in the facade. Metal roofs are a classic material in this tradition, and Petersen panels continue the tradition for this new branch. Petersen products are represented by several NFCU affiliates in Georgia, North Carolina and Texas.
“We’ve built several roofs for NFCU branches and used them all,” says John Salo, vice president of Gao-Saco Systems, Sewanee. “We developed a relationship with Petersen and the general contractor who built these branches over several years. It’s been a few years since I did three or four of them. “
Mike Jones, a sales/technical representative at Petersen’s Acworth, Ga., plant, exemplifies this theme of partnership. “The design architect is very concerned about getting the details right, and I talk to him once a week while I’m working on the project.”
In particular, the project is 9500 sq. ft. Snap-Clad .032-gauge panels in Interstate Blue and 2000 sq. ft. 0.32 gauge wall panels with silver finish. This combination matches NFCU’s corporate color scheme.
Although both panel styles are offered in steel, Inox Design architects chose aluminum because of the material’s resistance to salt spray. St. Marys is located in the very south of Georgia, near the Cumberland Island National Seashore, so this is a significant project. Like many of NFCU’s branches, this new facility is located to serve a military base – in this case, both the King’s Bay base and the Royal Harbor Naval Submarine Base.
Different roof angles were nothing new to Saco Systems professionals. “It was very typical for us, in terms of the hip and the valley,” says Salo. But he still admires Petersen’s commitment to each project.
W Chandler Blvd, Chandler, Az 85226
“They worked out the details and gave us a full set of shop drawings,” says Salo. “Petersen is extremely hands-on, from the time we present the project to the finish. It’s a pleasure to work with them.”
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