Navy Federal snags Capital One finance exec as CFO
Navy Federal Credit Union in Vienna, Va., hired John Collins as its chief financial officer.
Collins spent 20 years with Capital One in a variety of roles, including assistant corporate controller, CFO for a business line and finance chief risk officer. He oversaw two of Capital One’s bank acquisitions and integrations, Navy Federal said.
“I’m honored to join Navy Federal and its rich tradition of serving those who have served and the communities that support them,” Collins said in a press release Tuesday. “It’s clear that everyone in the organization — from our teams in contact center, digital teams and beyond — that there is a heavy emphasis on prioritizing our members’ needs and making their financial mission our own. I look forward to working with and learning from the team, and using my broad experience managing different facets of an organization’s finances to help continue making these goals a reality.”
Navy's previous CFO, Debbie Freeman, is transitioning back to her former role as senior vice president of financial operations.
Collins is joining the $128.5 million-asset Navy Federal, the world's largest credit union, during a turbulent time for many credit unions. Navy Federal’s first-quarter earnings plummeted 42% from a year earlier as its provision jumped 28%.
For the first six months of the year, Navy Federal earned roughly $313 million, down about 64% from the first half of 2019, according to call report data from the National Credit Union Administration.