Friday, January 13, 2017

Navy FCU Unveils Major Expansion Plan to Meet Robust Growth Targets

Virginia Governor Terry McAuliffe on January 11 announced that Navy Federal Credit Union (Vienna, VA) will invest $100 million to expand its Winchester operations center in Frederick County.

The project will nearly double Navy Federal’s workforce employee-count and physical square footage in Frederick County. Virginia.

This expansion in its operation center is meant to support Navy Federal Credit Union's aggressive growth plan. The $79 billion credit union plans to to grow to $120 billion in assets in five years and expand its membership from 6.5 million members to more than 10 million, according to Washington Business Journal.

Governor McAuliffe approved a $2 million grant from the Commonwealth Opportunity Fund to assist Frederick County with the project. The Governor also approved $4 million in funds from the Virginia Economic Development Incentive Grant (VEDIG).

While $6 million in public funds will be used to support Navy's investment in the Commonwealth of Virginia, Navy FCU does not pay any state corporate income taxes as it is exempt from state taxation.

Read the Governor's press release.

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