Case Studies Navy Federal Credit Union
Navy Federal Credit Union Seeks Location to Grow
More Customers, More Team Members
Due to its growing customer base and a mission to provide exceptional customer service, Navy Federal Credit Union (NFCU), the world’s largest credit union, needed to increase its workforce to meet current and future demand in a location that could accommodate major growth. When it set out to significantly grow its support services operations, the Virginia-headquartered company hoped to select an existing NFCU campus because NFCU also saw this expansion as an opportunity to provide career advancement pathways for current employees.
With an existing operation of 5,000 employees in Florida competing against Virginia, it was critical to highlight the success of the 1,400-person workforce thriving at Navy Federal’s Frederick County location. An additional location factor: the company’s short timeline would require an expedited permitting process.
The Virginia Solution
A Proven Track Record
NFCU established its support services facility in Frederick County in 2006 and expanded the operation in 2012. In just over 10 years, the company went from 60 team members to more than 1,400, proving the region’s ability to successfully attract and retain talent. As one of the largest employers in the region and Navy Federal’s reputation as one of the nation’s best companies to work for, employees continue to demonstrate commitment to the Frederick County operation.
Frederick County’s fast-track permitting also appealed to NFCU’s demanding timeline. The county’s parallel tracking system was specifically created to expedite the timetable between plan review and commencement of construction, which allowed Navy Federal to begin the expansion quickly and meet schedule requirements.
Virginia is the Best Place for Growth
A marquee corporate partner and project for Virginia, in January 2017 Navy Federal announced plans to invest $100 million to expand its Winchester operations center in Frederick County. The project was envisioned to nearly double Navy Federal’s workforce employee count and physical square footage in Frederick County.
NFCU’s new facility is currently under construction, and the first phase was a 1,600 space, five-story parking garage, which opened in February 2018. Construction immediately began on the 240,000-square-foot structure. The hiring of 1,400 jobs will be ongoing over the next five years. NFCU is currently hiring for opened positions today.
A project of this caliber was intensely competitive. In addition to offering the advantages of unparalleled talent and an existing Frederick County location that could accommodate major growth, Virginia put together a robust incentive proposal that included two of the Commonwealth’s prominent deal-closing grants to aid in the company’s decision.