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Virginia Credit Union history
Virginia Credit Union company history timeline
Virginia Credit Union was founded in 1928, originally as State Employees’ Credit Union.
In August, 1934, a historic meeting was held in Estes Park, Colorado, where the Credit Union National Association (CUNA) was founded.
In 1934, the Federal Credit Union Act was passed and signed into law by President Franklin D. Roosevelt.
In 1935, CUNA Mutual Insurance Society was created to meet the movement’s insurance needs.
The first West Virginia credit union to organize under the Federal statutes was KEMBA Charleston in 1935.
1935 – Joins newly organized Virginia Credit Union League
At a staff meeting on October 19, 1938, President Gandy announced that authority had been granted to proceed to establish the credit union.
As the first decade of our credit union approached, it was evident that a substantial dividend would be paid at the end of 1947.
1952 – BayPort begins the decade with $1 million in assets
1954 – Introduces payroll deduction, loan protection, and life savings insurance coverage
1958 – Closes the decade with $3 million in assets
1961 – Scholarship program begins
1963 – 1st branch location opens in Newport News, 37th St
More than 5,000 members were being served and assets totaled $2.4 million by the end of 1965.
1977 – 2nd branch location opens in Newport News, 50th St
1978 – BayPort celebrates 50 years & $50 million in assets
On May 22, 1979, the Board of Directors voted to accept in the charter to have the name of this credit union to be Virginia State University Federal Credit Union.
These humble beginnings gave way to urban as well as legal developments which have in turn led to the massive changes of the 1980’s and to the further challenges of the future.
Share draft accounts were introduced in the early part of 1980.
1983 – 3rd branch location opens in Newport News, Denbigh
1986 – 4th branch location opens in Hampton
Following that, the field of membership was opened to students and alumni in 1987.
1989 – BayPort introduces ATM services
The website came online in 1996, offering 24-hour loan applications.
1997 – Mergers with Chessie Credit Union & 6th branch opens in Newport News, Newmarket
1998 – 7th branch opens in Smithfield; President Clinton signs the Credit Union Membership Act, making millions of Americans eligible to participate in credit unions.
At the end of 1999, 125,000 members were being served and assets totaled $629 million.
In the late 2000’s the West Broad & Laburnum branches, and our inaugural school branch, located at Deep Run High School, opened.
Assets surpassed $1 billion in 2002.
2003 – BayPort celebrates 75 years with over 75,000 members & $750 million in assets
2004 – 9th branch opens in Suffolk
2005 – 10th branch opens in Chesapeake
2006 – 11th branch opens in Gloucester
2007 – Changes name to BayPort Credit Union & 12th branch opens in Williamsburg
2008 – 13th branch opens in Newport News, City Center
2009 – $1 billion in assets
Assets surpassed $2 billion in 2010 and the number of members being served exceeded 200,000.
2011 – Credit union merger with Smithfield Packing & 14th branch opens
2012 – Merger with TCU opens 15th branch in Virginia Beach, Holland Road
2014 – Credit union mergers with Hampton Roads Postal, Chesapeake City Employees, and Hampton City Employees Credit Union; 17th & 18th branches open in Chesapeake, Battlefield & Great Bridge; 19th & 20th branches open in Hampton, Big Bethel & Hampton City; Student-Run Credit Union program launches
More than 12,000 young people and adults participated in VACU's financial education programs in 2014.
2016 – 23rd branch opens in Virginia Beach, Providence Road & 24th branch location opens in Newport News, Brooks Crossing
In addition, eSignature, a program introduced in 2017, makes signing loan documents fast and convenient.
2018 – BayPort celebrates 90 years! Grows Student-Run Credit Union program to 50 inside local elementary, middle, private and high schools across Hampton Roads
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Virginia Credit Union competitors
| Company name | Founded date | Revenue | Employee size | Job openings |
|---|---|---|---|---|
| Wells Fargo | 1852 | $2.4B | 268,531 | 2,037 |
| Bank of America | 1998 | $85.5B | 200,000 | 4,363 |
| VCCU | 1937 | $999,999 | 75 | - |
| West Star Credit Union | 1975 | $50.0M | 80 | - |
| The First Citizens National Bank | 1860 | $8.5M | 175 | 13 |
| Northern Credit Union | 1955 | $220,000 | 5 | - |
| TD Banknorth NA | - | $3.7M | 12 | - |
| N.E.W. CREDIT UNION | 1962 | $5.0M | 275 | - |
| Warren Federal Credit Union | - | $1.9M | 50 | - |
| First Security Bank | 1932 | $150.0M | 901 | 12 |
Virginia Credit Union history FAQs
Zippia gives an in-depth look into the details of Virginia Credit Union, including salaries, political affiliations, employee data, and more, in order to inform job seekers about Virginia Credit Union. The employee data is based on information from people who have self-reported their past or current employments at Virginia Credit Union. The data on this page is also based on data sources collected from public and open data sources on the Internet and other locations, as well as proprietary data we licensed from other companies. Sources of data may include, but are not limited to, the BLS, company filings, estimates based on those filings, H1B filings, and other public and private datasets. While we have made attempts to ensure that the information displayed are correct, Zippia is not responsible for any errors or omissions or for the results obtained from the use of this information. None of the information on this page has been provided or approved by Virginia Credit Union. The data presented on this page does not represent the view of Virginia Credit Union and its employees or that of Zippia.
Virginia Credit Union may also be known as or be related to VIRGINIA CREDIT UNION INC, Virginia CU Realty LLC, Virginia Credit Union, Virginia Credit Union Inc and Virginia Credit Union, Inc.