Governor Bob McDonnell announced that Navy Federal Credit Union will make a multi-million dollar investment to expand its member service operation in Frederick County. The credit union will construct an additional facility on its Winchester, Virginia campus, adding 400 new jobs. Virginia successfully competed against Florida for the project.
Speaking about today's announcement, Governor McDonnell said, "400 new good-paying jobs are coming to Frederick County. Navy Federal Credit Union is the world's largest credit union, and it has thrived since its inception in 1933. Now, this significant investment will expand the company's footprint in Frederick County. The region boasts an impressive workforce and business environment in which the credit union has found great success, leading to the growth of the Frederick County operation. Today's announcement furthers the strong relationship between the Commonwealth and Navy Federal, which has its headquarters in Fairfax County. We look forward to Navy Federal's continued growth as it serves its worldwide membership."
"With more than 220 Navy Federal branches worldwide, millions of members around the globe are served from the member service operation in Frederick County," said Jim Cheng, Virginia Secretary of Commerce and Trade. "With this expansion, the credit union is able to construct an additional facility on its undeveloped property adjacent to the current operation and further increase its presence and size in Virginia. The addition of 400 new jobs is significant for the region, and we thank Navy Federal for its continued investment."
Navy Federal Credit Union is the world's largest credit union with $50 billion in assets, four million members, more than 220 branch offices, and more than 10,000 employees worldwide. The credit union serves all Department of Defense military and civilian personnel and their families. For additional information about Navy Federal, visit www.navyfederal.org.
"Virginia is home to Navy Federal," said Cutler Dawson, Navy Federal President and CEO. "We have tremendous team members that work at our Winchester facility. This expansion will allow us to bring aboard even more in the future."
The Virginia Economic Development Partnership worked with Frederick County and the Winchester-Frederick County Economic Development Commission to secure the project for Virginia. Governor McDonnell approved a $250,000 grant from the Governor's Opportunity Fund to assist Frederick County with the project. Through its Virginia Jobs Investment Program, the Virginia Department of Business Assistance will provide funding and services to support the company's recruitment, training and retraining activities.
"We are pleased that Navy Federal Credit Union has chosen Frederick County for its expansion," said Richard Shickle, Chairman of the Frederick County Board of Supervisors. "Navy Federal has operated its member service operation in Frederick County for six prosperous years, expanding to more than 500 employees in that time. At the completion of its expansion, Navy Federal will be one of the largest employers in our community, providing quality job opportunities for our residents."