Sep 26, 2023   SOURCE: BusinessWire

Navy Federal Credit Union Awarded Contract to Operate Department of Defense Overseas Military Banking Program

Navy Federal Credit Union announced today that the Department of Defense (DoD) has awarded Navy Federal a contract to begin operating the Overseas Military Banking Program (OMBP), known as "Community Bank." The OMBP was established after World War II to provide active duty service members and on-base commands with retail financial and cash services.

"We're very proud to have been awarded this contract. Supporting active-duty personnel and their families, wherever they are stationed, is at the core of Navy Federal's mission," said Mary McDuffie, President and CEO of Navy Federal. "We appreciate the trust the Department of Defense has placed in Navy Federal's ability to fulfill this mission."

Under the contract, Navy Federal will provide Program services by operating 60 banking facilities and 275 ATMs throughout Europe and the Pacific. Per DoD requirements, the Program will be known overseas as "Community Bank, Operated by Navy Federal Credit Union." The Program provides improved access to foreign currency, local ATMs, bill pay, savings, checking and other financial assistance to installation personnel and commands.

The contract begins with a transition period, followed by a base year and eight additional one-year options.

About Navy Federal Credit Union: Established in 1933 with only 7 members, Navy Federal now has the distinct honor of serving over 13 million members globally and is the world’s largest credit union. As a member-owned and not-for-profit organization, Navy Federal always puts the financial needs of its members first. Membership is open to all Department of Defense and Coast Guard Active Duty, veterans, civilian and contractor personnel, and their families. Dedicated to its mission of service, Navy Federal employs a workforce of over 23,000 and has a global network of more than 350 branches. For more information about Navy Federal Credit Union, visit navyfederal.org. Federally insured by NCUA. Equal Opportunity Employer.