History

In 1933, during the Great Depression, seven civilian Navy personnel formed a self-help club. Each pledged $10—two weeks’ wages—into a savings pool so that funds would be available for emergency loans.

Savings clubs, like this one, became credit unions. Formed during rough financial times, the benefits of these organizations remained when good times returned. As democratic cooperatives, they serve only the interest of their members, not stockholders or presidents.

From those original seven members to over 3 million members today—Navy Federal is now the largest credit union in the world.