The $54 billion Navy Federal Credit Union said it will breakground later this year on a $200 million expansion of itsPensacola, Fla., corporate operations that will create 1,500 newjobs.

The project will include the construction of two new buildings,a central energy plant, auditorium, parking structure andrecreation area totaling 342,000 square feet, the world's largestcredit union said.

Headquartered in Vienna, Va., Navy Federal opened its Pensacolaoperations in 2003 with 60 employees. In 2012, the credit unionadded 640 jobs, increasing the number of jobs there to more than2,800 in support of its more than 4.2 million members.