CORPUS CHRISTI, Texas – Fast-growing NavyArmy FCU, the largest credit union south of San Antonio, has applied to convert to a state charter and to add an estimated 1.2 million residents in nearby Hidalgo and Cameron counties to its field of membership.
In a letter to members, Wayne Vann, president of the $1.2-billion defense credit union, said the charter switch will provide it with a better opportunity to serve neighboring counties. The two additional counties, Hidalgo with a population of 750,000, and Cameron 400,000, are among the fastest growing counties in the state.
NavyArmy, chartered in 1955 as Naval Employees Corpus Christi FCU, has grown from just $230 million in assets in 2002.
“Simply put, under our current federal charter, NavyArmy can only serve the population of six local counties,” wrote Vann.”With a state charter, NavyArmy will be able to expand into other geographic areas.”
