WASHINGTON — Vienna, Virginia-based Navy Federal Credit Union, already the largest credit union in the world, will get much bigger with a $100 million expansion of its operations center in Winchester, Virginia.
As part of the expansion, Navy Federal says it will create 1,400 new jobs, nearly doubling its workforce in Frederick County, Virginia.
Navy Federal will receive state incentives, including a $2 million grant from the Commonwealth Opportunity Fund and $4 million in funds from the Virginia Economic Development Incentive Grant program.
“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,” said Virginia Secretary of Commerce and Trade Todd Haymore in a statement.
Navy Federal has more than $79 billion in assets, nearly 300 branches and six million members.
It has more than 14,000 employees worldwide.