VIENNA, Va. – Navy FCU, which has embarked on the most ambitious expansion plan in credit union history, has trimmed plans for new branches, in light of the economic slowdown.
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The world’s biggest credit union, which committed four years ago to 30 new branches annually, is now looking at around 10 a year, "as economic conditions allow," said Cutler Dawson, Navy Fed president.
The credit union giant added 34 new branches in 2007, 24 in 2008 and 10 so far in 2009, bringing its worldwide network to 180 branches, according to Dawson. During that time, Navy Fed has grown from $28 billion in assets to $40 billion.
