Armed Forces Bank has earned Distinguished Bank recognition 13 of the last 14 years, underscoring its ongoing commitment to providing the financial services, products, and education that most benefit service members and their families. All told, Armed Forces Bank received a total of 29 Distinguished Bank of the Year awards between 1997 and 2023 – 14 from the Navy, nine from the Army and six from the Air Force.
“The consistent recognition over the last 30 years validates our efforts to help our military customers achieve financial success,” said Paul Holewinski, CEO of Armed Forces Bank and Dickinson Financial Corporation. “We wake up every day trying to better discern exactly what they need from a bank and then work to meet those unique needs. It is extremely gratifying to be named Distinguished Bank of the Year because it reinforces that we are making a positive impact on the lives of service members who sacrifice so much for us.”
Award Recipients – Armed Forces Bank at Naval Station Great Lakes and Luke Air Force Base
Both Armed Forces Bank branches to win this year’s Distinguished Bank of the Year recognition – the Naval Station Great Lakes and the Luke Air Force Base locations – are part of the organization’s footprint of 14 branches on 12 military installations in 10 states.
Armed Forces Bank at Naval Station Great Lakes has been recognized as Distinguished Bank of the Year six years in a row and has earned the honor four other times as well, for a total of 10 since it opened in March 1997. It serves approximately 150,000 active duty, retired military, government personnel and their families at Naval Station Great Lakes and in surrounding communities.
Armed Forces Bank at Luke Air Force Base has been an integral part of the installation, fulfilling the financial needs of about 14,000 individuals on base and more than 80,000 retired military in the area with the highest-quality products and services.
Programs that Distinguish Armed Forces Bank
“Everything we do is about making life easier and better for service members, veterans and their families, no matter where they are stationed,” said Tom McLean, senior vice president and regional military executive for Armed Forces Bank. “We believe we are uniquely qualified to do that, because 75% of our staff are military-affiliated, meaning they or someone they love has served. So, they’ve walked in our clients’ shoes.”
With an unwavering commitment to helping military clients effectively manage their finances, Armed Forces Bank offers the following innovative programs to make banking solutions and financial education fast, easy and personal for military personnel and veterans:
Career Transitioning/VA Support
Armed Forces Bank participates in several government programs that support military service members transitioning to civilian life, including:
Access Freedom Checking
Armed Forces Bank created this completely free checking for military personnel who highly value such an option. The account offers:
- No monthly fees
- No minimum balance required
- No-fee money orders
- Military Early Pay (access to DFAS direct-deposited funds one business day before actual pay date)
- Access to 38,000+ ATMs in the MoneyPass® Network
- Free overdraft protection when linked to a savings account
VA Loans
According to the [VA, only 6% of the more than 21 million veterans and service members in the country today have used this government benefit that often offers better terms than traditional loans. One of the reasons is because many veterans don’t know about or understand VA loans, available exclusively to retired or active military service members who are buying or refinancing a home. Armed Forces Bank makes sure clients know they may qualify for a VA loan and has helped more than 12,000 homeowners close over $4.7 billion in VA loans since 2013.
“Militarily Speaking” Educational Podcast
Armed Forces Bank also produces a podcast called “Militarily Speaking” and invites guest speakers to cover a wide range of relevant topics such as meaningful career transitions for veterans, the healing power of nature, volunteer organizations providing crucial services to military families, while also offering sage financial advice to help service members get ahead.
Military Family Financial Readiness Report
New research from Armed Forces Bank reveals insights about the unique financial challenges, attitudes and well-being of military families. In its Military Family Financial Readiness Report, Armed Forces Bank shares comprehensive survey data gleaned from people connected to military life. The report examines benefits and challenges of current financial products, the importance of homeownership, post-military service financial confidence levels, preferred resources for financial insight, the impact of military experience on financial habits, and factors that contribute to or hinder financial literacy and security.
“Military families face distinctive financial concerns due to the nature of their service, including frequent relocations, deployment and fluctuating income. Understanding how they feel about financial readiness is crucial for providing tailored support and services,” said McLean.
Cybersecurity Awareness
To protect military personnel and veterans, Armed Forces Bank has implemented a cybersecurity effort to protect them from fraud. Armed Forces Bank provides education about online security including how to identify phishing and spoofing scams, spot red flags and safeguard information. For example, bank associates last fall made over 22,000 phone calls to Armed Forces Bank clients to inform and educate them about trending schemes aimed at tricking consumers into revealing sensitive information. The bankers provided verbal guidance on how to protect their personal data and online banking credentials from fraudsters attempting to gain access to their funds.
Protecting Older Americans & Veterans
Armed Forces Bank has implemented a comprehensive behavior-based monitoring program to protect clients – especially those individuals aged 55 and older, who are sometimes more vulnerable – from financial exploitation. Through fraud-prevention initiatives like advanced detection tools, collaboration with law enforcement and client education, the company demonstrates a strong commitment to safeguarding the financial interests of its clients.
About Armed Forces Bank
Armed Forces Bank, founded and headquartered in Fort Leavenworth, Kansas, is a full-service military bank committed to serving those who serve since 1907. Armed Forces Bank provides affordable, personal and convenient banking and financial services to both active and retired military, as well as civilian clients in all 50 states and around the world. Approximately 75% of Armed Forces Bank associates have some type of military affiliation either by spouse, retired themselves or their children.
Armed Forces Bank has $1.4 billion in assets and is a wholly owned subsidiary of Dickinson Financial Corporation, a $4 billion bank holding company headquartered in Kansas City, Missouri. Armed Forces Bank’s sister bank, Academy Bank, is a full-service community bank with over 70 branch locations in Arizona, Colorado, Kansas and Missouri. For more information, visit http://www.afbank.com and follow us on LinkedIn, Facebook and Instagram.
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Media Contact
Elaina Boudreau, BELA Communications, 913-660-0548, [email protected]
SOURCE Armed Forces Bank
