CORPUS CHRISTI, Texas – State regulators said this morning they have approved an application from Navy Army Community CU, one of the biggest conversions ever to state charter, to serve 1.2 million residents in surrounding Hidalgo and Cameron counties.
The Texas CU Department approved the conversion of the $1.4 billion credit union, the one-time Naval Employees Corpus Christi FCU, in December from federal to state charter.
The ascension of Navy Army comes as some of the nation's biggest military credit unions are emerging as prominent community lenders, like Virginia's Navy FCU and Pentagon FCU, San Antonio's Security Service FCU and New Hampshire's Service CU. The fast-growing Navy Army serves 90,000 members and operates 10 branches, with two more planned for the Rio Grande Valley in the next few weeks.
The 57-year-old credit union, known till January as NavyArmy FCU, is the second biggest conversion ever to state charter, following 2009’s switch of $2 billion Wings Financial FCU in Minnesota.
