Navy Federal Credit Union is making a push into the Philadelphia area.

The world’s largest credit union has opened three branches in the market with a fourth planned for next year, BucksCo Today reported, citing a Philadelphia Business Journal story.

The $177.7 billion-asset Navy Federal most recently opened a branch in the Philadelphia suburb of Bensalem, a move that was driven by the fact that 60,000 veterans reside within a 30-minute drive of the town.

Vienna, Virginia-based Navy Federal serves the Navy, Army, Marine Corps, Air Force, Coast Guard and Space Force and their families.

Navy FCU aims to serve 43,000 existing members at the Bensalem branch. The credit union had nearly 13.8 million members at the end of the second quarter of 2024, according to the National Credit Union Administration.

The fourth Philadelphia branch – slated to be built in South Philadelphia – is part of a broader expansion plan in the region, with another location expected by late 2025 or early 2026, according to the report.

Banks and credit unions in the Philadelphia market were already dealing with the pending entrance of the $4 billion-asset United Federal Credit Union, which last year announced a merger with Gold Credit Union in Allentown.

Jeff Marsico, president of the Kafafian Group, a consulting firm based in the Lehigh Valley, told Tyfone that as a credit union, Navy’s business is primarily retail.

“Their presence will add to the long list of retail competition in that market,” he said.

Marsico also said that with the history of the Philadelphia Navy Yard and Navy Federal’s recent scrutiny about fair lending, an entrance into Philadelphia makes sense.

Phil Sutliff, head of business banking for $6 billion-asset Citadel Credit Union in Exton, Pennsylvania, told Tyfone that as a longtime advocate for small businesses and entrepreneurs, he is pleased to see more options available to support their growth and success.

“Citadel remains dedicated to providing personalized banking solutions tailored to the unique needs of local businesses,” he said. “Our business banking team is looking forward to the opportunity to collaborate with Navy Federal and other financial institutions to strengthen our region’s economy and contribute to the overall well-being of our vibrant community.”

In March, Dietrich Kuhlmann became Navy Federal’s president and CEO. He replaced outgoing CEO Mary McDuffie, who retired.

Navy Federal earned roughly $991 million through the second quarter of 2024, a 1% increase compared to a year earlier, according to call report data from the NCUA.

“Their presence will add to the long list of retail competition in that market.”

 – Jeff Marsico
President
Kafafian Group