Navy Federal will open a new branch in Oceanside later this month as it continues its expansion in Southern California, the credit union’s President and CEO said Thursday.
Cutler Dawson said the new branch at 815 College Boulevard will bring to 36 the number of branches in Southern California, most of the them in the San Diego area.
“We think we are a long way away from being over-branched,” said Dawson, a former deputy chief of naval operations.
In the past year, Navy Federal has opened new branches in Bonita, La Mesa, Santa Ana and Naval Base San Diego, and is scouting new locations in the Inland Empire
Dawson said the credit union, the world’s largest, plans to open 20 branches in the next year to support membership growth that has reached 1 million annually. It’s also looking at smaller branches in Walmart stores and supermarkets.
The new branches help the credit union bring in new customers, primarily from the families of service members.
“When we put in a new branch, we’ll see a lift, even from people who don’t go into a branch, because they have confidence they could,” he explained.
Navy Federal has stepped up its focus on Millennials, providing financial information online and trying to keep young recruits away from high-interest payday lenders. A new website, MakingCents, specifically designed for Millennials.
“We’re still seeing the aftershocks of the recession. People are looking for a place they can trust,” he said. “Our business model is to try to provide that.”
