Navy Federal Credit Union 2006 Annual Report Download - page 4

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Navy Federal Annual Report 2006 3
2
Navy Federal had an outstanding year in
2006. Members of all ages and walks of
life chose Navy Federal because of the
products and services we offer. This resulted in
record volumes in loans, savings, membership,
income, assets, and dividends.
Assets grew by 10% to reach $27.1 billion,
and membership increased nearly 6% for a total
of 2.8 million members at year-end. Total loans
ended the year at $20.7 billion, an increase
of 22.0%, while total savings reached $20.7
billion, an increase of 9.3%.
This record growth was fueled, in part, by
new and enhanced products and extensive
member service initiatives. Following is a list
of key accomplishments:
• Introduced four new checking accounts, all
earning dividends
• Offered a special certificate earning 6.25%
APY that generated $0.5 billion in new deposits
and over 1,700 new members
• Streamlined the mortgage application process
and introduced longer terms and higher
loan limits
• Launched a new line of rewards credit cards
with unmatched benefits
• Enhanced Navy Federal Online®Account Access
security and introduced new services such as
e-mail notifications of account events
• Added eight new branch offices and 17
additional ATMs
• Hired 400 additional employees to assist
members over the telephone
• Increased hours of operation in many
branch offices
What began in 2006 will continue in 2007.
Thirty-one new branch offices will open and 34
ATMs will be installed. Members can expect to
see enhancements to our deposit products and
further improvements to the entire mortgage
process resulting in faster closing times and the
expansion of Settlement Services to new locations.
Our goal is to constantly give members new
reasons to come to Navy Federal for their
financial needs.
We understand that our success has always
been a result of the trust members place in us,
and we pledge to continue that tradition of trust
into the future. As we move into the future, our
members know that they can count on us today
and every day.
John A. Lockard
Chairman
Cutler Dawson
President & CEO
REPORT FROM THE CHAIRMAN AND PRESIDENT
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Total Assets
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Net Income
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Dividends Paid
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John A. Lockard
Chairman
Cutler Dawson
President & CEO