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Navy Federal Credit Union is a financial institution providing banking and loan services to the U.S. military and their families. It currently operates more than 355 branches, along with an extensive network of automated teller machines (ATMs) and is one of the largest credit unions in the world, with over 8 million members worldwide. Navy Federal was founded in 1933 as the Navy Department Employees' Credit Union at Marine Corps Base Quantico; it became National Capitol Area Credit Union in 1950, and finally adopted its current name in 1990. The credit union has grown steadily since then, expanding its offerings to include deposit products such as savings accounts and CDs along with consumer lending products such as auto loans, mortgages, personal lines of credit, and more recently small business loans. Since its founding 87 years ago, Navy Federal has provided service to millions of naval personnel throughout their military careers and into retirement by offering low-interest rates on loans for various needs including home purchases, boat purchases, college expenses for family members or themselves, travel expenses, furniture purchases or any other borrowing need they may have.