One of Richmond’s biggest financial institutions is expanding in the suburbs.
Virginia Credit Union, a $2.38 billion institution, last month received regulatory approval to offer membership to employees and members of the Brandermill Community Association, giving it the chance to pick up thousands of members.
“This represents 3,700 potential members,” Virginia Credit Union spokesman Glenn Birch said. “We understand these would chiefly be members of the association who reside in or own property in the community.”
Brandermill is a 2,800-acre residential and commercial development in west Chesterfield that borders the Swift Creek Reservoir.
As tax-exempt member-owned institutions, credit unions must apply for approval with their regulators when expanding their field of membership.
The biggest credit union in Richmond and one of the largest in the state, Virginia Credit Union has 220,000 members, including state or municipal government employees, residents of most areas in Greater Richmond and other groups. It has taken in other residential areas in the past, including members of the Wellesley Homeowners Association near Short Pump.
In November 2011, VACU absorbed the tiny Fifth Street Baptist Church Federal Credit Union after its membership base dwindled.
Birch said the Brandermill Association approached Virginia Credit Union about offering membership. It received approval from the state Bureau of Financial Institutions on Jan. 25.
The credit union has a branch near Brandermill, at 11030 Hull Street Road.
Virginia Credit Union reported net income of $20.63 million in 2012, up from $16 million in 2011.