February 15, 2021
Wednesday, October 29, 2014
World’s largest credit union will invest $350 million in expansion
PENSACOLA, Fla. – Today, Governor Rick Scott announced that Navy Federal Credit Union (NFCU) will create 5,000 jobs and a $350 million capital investment at its Pensacola campus. This makes the second expansion announcement in two years for the world’s largest credit union.
Governor Scott said, “Today’s announcement that Navy Federal will create 5,000 more jobs for Floridians is a huge win for Florida families. Because of companies like Navy Federal, we have created 651,300 private-sector jobs since December 2010, and we will continue working hard to create jobs so that every Floridian can live the American Dream.”
Navy Federal began operations in Escambia County in 2003 with 60 employees. The credit union currently employs more than 3,800 on the campus. They have added more than 530 employees so far in 2014 and have an annual payroll estimated at $160 million.
“This is our largest expansion in Pensacola thus far. It underscores what we’ve long been saying about this great community—it’s a great place to grow your business and a wellspring of talented people to employ,” said Cutler Dawson, CEO/President of Navy Federal. “Continued growth for Navy Federal not only signifies the strength of the credit union, but also means upholding our high standards for member service. It takes the best to serve the best, and that’s why we continue to invest in Pensacola.”
The project announced today will include the construction of two buildings that will be home to the 5,000 new positions. In April 2013, NFCU announced it would build two multi-story office buildings by 2016 to house 1,500 employees.
Navy Federal has created more than 2,100 jobs and invested more than $250 million in capital in Florida as a result of competitive economic development projects. In total, the company plans to employ more than 10,000 and create $1 billion in capital investments in the state.
“Navy Federal’s decision to expand is a game-changer for Florida and the state’s financial industry. This expansion gives the state and region an incredible vote of confidence and lets us know the efforts we’ve made to improve the business climate here and tell Florida’s business story are working,” said Gray Swoope, Secretary of Commerce and president and CEO of Enterprise Florida. “We appreciate Navy Federal’s continued commitment to Florida and thank them for the incredible impact they’ve already made in the Pensacola region.”
Florida has the third largest finance and insurance cluster in the nation. Most of the nation’s leading financial and professional services companies have established large operations in Florida to take advantage of its global connectivity, experienced workforce, and favorable business climate.
This project was made possible with the help of close partnerships with Enterprise Florida, the Florida Department of Economic Opportunity, University of West Florida, the Greater Pensacola Chamber and Escambia County.
Department of Economic Opportunity Executive Director Jesse Panuccio said, “The continued expansion of Navy Federal in Pensacola is evidence of the region’s and state’s remarkable economic turnaround. The company’s investment in Florida shows that our economic policies are working to attract businesses and add jobs. Because of navy Federal’s investment, 5,000 families will have new opportunities over the next ten years.”
The project received funding from the Industry Recruitment, Retention & Expansion Fund Grant Program (IRREF). This program is available to the eight coastal counties of Northwest Florida that were most affected by the 2010 Deepwater Horizon oil spill.
“Navy Federal’s addition of 5,000 high demand jobs is one more achievement of the Oil Spill Recovery Act passed by the Florida Legislature,” said Senate President Don Gaetz. Gaetz, who sponsored the law, said that the $30 million appropriated to Northwest Florida through this legislation has diversified the regional economy by attracting and expanding companies like Navy Federal who bring jobs that pay above the community average.
“Today’s announcement not only represents Navy Federal’s commitment to Northwest Florida, but also to our local business community,” said Greater Pensacola Chamber President & CEO Jerry Maygarden. “This expansion will give residents in our area more dollars to spend locally, which will in turn benefit retailers and small businesses throughout the region for years to come.”
“When a company like Navy Federal continues to invest in Escambia County, the whole community benefits,” said Commission Chairman Lumon May. “The direct job creation caused by the expansion also translates into more jobs in construction, trades and small businesses like dry cleaners and restaurants. It’s an opportunity for everyone to prosper.”
Navy Federal Credit Union is the world’s largest credit union with $60 billion in assets, 5 million members, 257 branches, and a workforce of over 12,000 employees worldwide. The credit union serves all Department of Defense and Coast Guard Active Duty, civilian, and contractor personnel and their families. For additional information about Navy Federal, visit www.navyfederal.org.
Enterprise Florida, Inc. (EFI) is the principal economic development organization for the state of Florida. The legislatively-mandated organization is a public-private partnership between Florida’s business and government leaders. The EFI newsroom is designed to offer public access to the latest information on Enterprise Florida’s programs and initiatives.