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.