Navy Federal’s lone Richmond branch is at the corner of West Broad and Glenside.
Correction: An earlier version of this story said Navy Federal has only one branch in the Richmond metro region. It has a location in Colonial Heights, in addition to its existing branch in Henrico.
The nation’s largest credit union is expanding its presence in the Richmond market.
Navy Federal Credit Union, a $90 billion institution that has two branches locally in Henrico County and Colonial Heights, has a plan in the works for a new outpost in Chesterfield County.
The organization confirmed it recently leased a 3,600-square-foot space that’s under construction at 13501 Hull Street Road, across from Swift Creek Reservoir and next the Village at Swift Creek Shopping Center.
Details about the project are scant, as spokesperson Casey Pelfrey could not provide the general contractor or architect.
The new branch is being built on part of a 2-acre parcel owned by Swift Creek Place Partners, which also owns a neighboring 10-acre parcel.
It will be in eye shot of plenty of banking competitors, with Bank of America and Wells Fargo branches across the street and a BB&T location just to the west.
Navy Federal has more than 7.7 million members. It’s field of membership includes those in the armed forces, Department of Defense, veteran and their families.
Pelfrey said the Navy Federal will continue to monitor the Richmond area for future expansion. Its existing local branches are in Henrico at the corner of West Broad Street and Glenside Drive and at the Southpark Crossing Shopping Center in Colonial Heights near Fort Lee.
Navy Federal’s lone Richmond branch is at the corner of West Broad and Glenside.
Correction: An earlier version of this story said Navy Federal has only one branch in the Richmond metro region. It has a location in Colonial Heights, in addition to its existing branch in Henrico.
The nation’s largest credit union is expanding its presence in the Richmond market.
Navy Federal Credit Union, a $90 billion institution that has two branches locally in Henrico County and Colonial Heights, has a plan in the works for a new outpost in Chesterfield County.
The organization confirmed it recently leased a 3,600-square-foot space that’s under construction at 13501 Hull Street Road, across from Swift Creek Reservoir and next the Village at Swift Creek Shopping Center.
Details about the project are scant, as spokesperson Casey Pelfrey could not provide the general contractor or architect.
The new branch is being built on part of a 2-acre parcel owned by Swift Creek Place Partners, which also owns a neighboring 10-acre parcel.
It will be in eye shot of plenty of banking competitors, with Bank of America and Wells Fargo branches across the street and a BB&T location just to the west.
Navy Federal has more than 7.7 million members. It’s field of membership includes those in the armed forces, Department of Defense, veteran and their families.
Pelfrey said the Navy Federal will continue to monitor the Richmond area for future expansion. Its existing local branches are in Henrico at the corner of West Broad Street and Glenside Drive and at the Southpark Crossing Shopping Center in Colonial Heights near Fort Lee.
Another credit union that identifies as a bank and compete with banks, yet PAYS NO TAXES ( that’s right, NONE). Credit unions continue to abuse their “common bond” and nonprofit designation while not paying taxes.
Credit unions pay millions of dollars in property, sales and employment taxes each year. But credit unions enjoy a federal exemption on corporate income taxes. In addition, they are providing jobs and in this case a value to those and our families that serve.
Community bank do all those same things, and yet they have to pay income tax. These are not the mom and pop close-knit CU’s of yesteryear with <50 members, we're talking about a financial institution the size of BB&T.
Actually BB&T is triple the size, and there are more than ten that are even larger. Several are over a trillion. The big difference is large commercial v small commercial and personal banking.
Just for a little context, Tony Peay who made the first comment is the retired CBO of Union Bank and Trust. So there’s that.
I guess there biz wasn’t too encumbered by taxes. HE was compensated $1.2 million in 2017 – perhaps rightfully so. But it seems a little disingenuous to be complaining about competitors without acknowledging their connection.
Do you have a pulse and breathe air? Congratulations! You are eligible to be a member of our exclusive club. Give me a break. You are absolutely correct Tony. This is a colossal missing tax base and something seldom discussed. Navy Federal is a $90 Billion company that pays zero taxes, and people complain about Amazon not pay “enough” taxes. Sheesh
Taxation is Theft you idiots
Superb argument Rick Boykins — I’ll take your ad hominem attack as admission that you really don’t have anything to contribute to the conversation. How do you allow comments like this Mods?
What’s so great about paying taxes? Its all wasted by inefficient government spending. It’s better to pass the savings onto the consumers to stimulate the economy more efficiently.
Your argument same can be said by numerous “non-profits” i.e. doesn’t mean no profits, churches, political activist organizations, etc. So, by saying they are a $90 billion company without also including a footnote, is a touch misleading. i.e. you must look at how much of that $90 billion is put back into the credit union and it’s members because looking at their 2017 annual report they also have $90 billion in liabilities.