Navy Federal Credit Union CEO Cutler Dawson today green-lighted a $350 million expansion that will add 5,000 jobs to the company's Heritage Oaks campus in Beulah.

The stunning news comes as Navy Federal is moving forward rapidly with a Phase 1, $200 million expansion on a portion of a 240 acre site that was once home to the Langley Bell 4-H Center.

This Phase 1 expansion, which began in early July, will bring some 1,500 new jobs to the campus that currently is home to nearly 4,000 employees.

Dawson's announcement was made before an audience of dignitaries that included Gov. Rick Scott, U.S. Rep. Jeff Miller, Escambia County Commission Chairman Lumon May and Pensacola Mayor Ashton Hayward, along with state legislators Clay Ingram, Doug Broxson and Mike Hill.

"This is our largest expansion in Pensacola thus far," Dawson said. "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.

"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 expansion will include facilities and parking for an additional 5,000 employees, bringing the total number of employees on campus to 10,000 by the end of this decade, and an overall capital investment of $1 billion in the Heritage Oaks campus.

Dawson, a retired Navy admiral who has headed Navy Federal since 2004, said the announcement and commitment to Phase 2 of the expansion "caught me by surprise.

"It's a result of our rapid growth," Dawson said. "We are on track to add some 800,000 new customers this year alone."

Navy Federal is the largest credit union in the U.S. and has assets in excess of $62 billion.

The news of 5,000 more jobs, on top of the 1,500 that Phase 1 will create, was welcomed by Scott, the Republican incumbent, who's locked in a tough re-election battle with Democrat Charlie Crist.

Florida voters will decide between the two men on Nov. 6.

"Today’s announcement that Navy Federal will create 5,000 more jobs for Floridians is a huge win for Northwest Florida families," Scott said, while taking the opportunity to remind the audience that some 650,000 private-sector jobs have been created in the state during his four-year term.

The economic impact of the Navy Federal announcement was put in perspective by Gray Swoope, CEO of Enterprise Florida, the state's lead business and industry development agency.

"Navy Federal's currently has a payroll of 4,000 employees that generates some $160 million in economic impact in the Pensacola area," Swoope said. "These 5,000 new jobs will generate another $240 million in payroll."

Swoope said that $400 million will have a huge impact on the area's economy and create a ripe atmosphere for small business growth and development.

Scott used the occasion to award Dawson the Florida Business Ambassador Award, given to individuals for their efforts in creating jobs and opportunities for Florida families.

"When FORTUNE Magazine named Navy Federal Credit Union as one of the 100 Best Companies to Work For in 2014, they highlighted what we in Northwest Florida have known for more than a decade," said U.S. Rep. Jeff Miller.

"Our friends at Navy Federal have not only been good corporate neighbors, they have become part of the community" he said. "We appreciate them choosing Pensacola, and we look forward to having them in our neighborhood for many years to come."