Navy Federal Credit Union to Invest $100M in Virginia

The expansion is expected to bring 1,400 new jobs to the state.

By Keith Loria, Contributing Editor

Winchester, Va.—Navy Federal Credit Union will invest $100 million to expand its operations center in Winchester, Va., doubling the firm’s employee-count and physical square footage in the area.

Cutler Dawson
Cutler Dawson, Navy Federal president & CEO

“This Virginia-headquartered company’s growth and investment over nearly 40 years is an incredible testament to our unparalleled business environment, infrastructure and top-notch workforce,” Governor Terry McAuliffe said in a prepared release. “An expansion of this magnitude is transformational for Frederick County and for the Commonwealth, as Navy Federal is a critical partner providing good-paying job opportunities for thousands of hard-working Virginians.”

It’s believed the expansion will result in the addition of approximately 1,400 new jobs in the state.

“These jobs and their services help support the men and women of our military and their families worldwide, and we are proud to be the home of Navy Federal as we continue to build the new Virginia economy,” Governor McAuliffe said.

Navy Federal Credit Union is already the world’s largest credit union with more than $79 billion in assets, six million members, 295 branches and a workforce of more than 14,000 employees worldwide. It serves all Department of Defense and Coast Guard Active Duty, civilian, and contractor personnel and their families.

“At Navy Federal, our number one goal is to provide exceptional member service,” Cutler Dawson, Navy Federal’s president & CEO, said. “We are delighted with the talented and hardworking employees at our Frederick County-Winchester operations center, and this expansion will allow us to build upon our success there.”

Governor McAuliffe approved a $2 million grant from the Commonwealth Opportunity Fund to assist the County with the project, and he also approved $4 million in funds from the Virginia Economic Development Incentive Grant.

“Navy Federal Credit Union continues to expand its footprint in Virginia as a major employer, and is consistently ranked one of the best companies to work for in the country,” Secretary of Commerce and Trade Todd Haymore said in the release. “This tremendous expansion in Frederick County will offer residents of the Northern Shenandoah Valley a career option without a considerable commute out of the region, which is paramount to a successful local and regional economy.”

Image courtesy of The Strategic MVP