Next stop in Virginia Credit Union’s city expansion plan: Church Hill

vacufairmount1

VACU will move into the ground floor of the apartment section of the Market @ 25th complex. (BizSense file)

With new branches open in Scott’s Addition and Carytown and one in the works in the Arts District, Richmond’s biggest credit union has its sights set on yet another location in the city.

Virginia Credit Union plans to open its first retail branch in the Church Hill area as part of its recent expansion spurt within the city limits.

The $5 billion institution has leased 2,600 square feet at 2420 Fairmount Ave., in the same complex as the Market @ 25th grocery store and Flats at 25th apartments.

VACU spokesman Glenn Birch said the branch is expected to be ready in the third quarter of this year. The architect for the project is Adrenaline and a general contractor has yet to be selected.

Birch said the East End location will be similar to its recently opened spot at 3200 W. Broad St. in Scott’s Addition and the one in the works at West Broad and Adams streets downtown, in offering in-person service and a multifunction ATM.

VACUScotts

VACU’s branch in Scott’s Addition branch. (BizSense file)

Those three, along with a newly opened branch at 10 N. Nansemond St., in the Fresh Market-anchored Carytown Place shopping center, would mark four new locations in Richmond for the credit union in a year. Birch said the expansion plan also involves Richmond Public Schools.

“An important aspect of these projects is our continued focus on the City of Richmond. Central to the plan is a financial education program that we have developed with Richmond Public Schools,” he wrote in an email.

Birch said the credit union is working with the school system to institute a savings incentive for any RPS students whose parent or guardian opens a savings account in the child’s name at VACU. The credit union will fund the account with a $20 deposit.

“We have committed $350,000 to fund the program and to support it through 2024,” Birch said.

Among other financial literacy programs for students and families in the city, Birch said VACU also is working with RPS to provide financial literacy classes beginning this spring. The classes will be taught by VACU employees who volunteer their time.

Birch said VACU has other locations planned elsewhere in the city, but would not discuss specific areas.

The Market @ 25th-anchored development was created by local businessman Steve Markel, namesake of Henrico-based insurance giant Markel Corp. The grocery store opened in 2019.

Thalhimer’s Birck Turnbull represented VACU in its Church Hill lease.

vacufairmount1

VACU will move into the ground floor of the apartment section of the Market @ 25th complex. (BizSense file)

With new branches open in Scott’s Addition and Carytown and one in the works in the Arts District, Richmond’s biggest credit union has its sights set on yet another location in the city.

Virginia Credit Union plans to open its first retail branch in the Church Hill area as part of its recent expansion spurt within the city limits.

The $5 billion institution has leased 2,600 square feet at 2420 Fairmount Ave., in the same complex as the Market @ 25th grocery store and Flats at 25th apartments.

VACU spokesman Glenn Birch said the branch is expected to be ready in the third quarter of this year. The architect for the project is Adrenaline and a general contractor has yet to be selected.

Birch said the East End location will be similar to its recently opened spot at 3200 W. Broad St. in Scott’s Addition and the one in the works at West Broad and Adams streets downtown, in offering in-person service and a multifunction ATM.

VACUScotts

VACU’s branch in Scott’s Addition branch. (BizSense file)

Those three, along with a newly opened branch at 10 N. Nansemond St., in the Fresh Market-anchored Carytown Place shopping center, would mark four new locations in Richmond for the credit union in a year. Birch said the expansion plan also involves Richmond Public Schools.

“An important aspect of these projects is our continued focus on the City of Richmond. Central to the plan is a financial education program that we have developed with Richmond Public Schools,” he wrote in an email.

Birch said the credit union is working with the school system to institute a savings incentive for any RPS students whose parent or guardian opens a savings account in the child’s name at VACU. The credit union will fund the account with a $20 deposit.

“We have committed $350,000 to fund the program and to support it through 2024,” Birch said.

Among other financial literacy programs for students and families in the city, Birch said VACU also is working with RPS to provide financial literacy classes beginning this spring. The classes will be taught by VACU employees who volunteer their time.

Birch said VACU has other locations planned elsewhere in the city, but would not discuss specific areas.

The Market @ 25th-anchored development was created by local businessman Steve Markel, namesake of Henrico-based insurance giant Markel Corp. The grocery store opened in 2019.

Thalhimer’s Birck Turnbull represented VACU in its Church Hill lease.

This story is for our paid subscribers only. Please become one of the thousands of BizSense Pro readers today!

Your subscription has expired. Renew now by choosing a subscription below!

For more informaiton, head over to your profile.

Profile


SUBSCRIBE NOW

 — 

 — 

 — 

TERMS OF SERVICE:

ALL MEMBERSHIPS RENEW AUTOMATICALLY. YOU WILL BE CHARGED FOR A 1 YEAR MEMBERSHIP RENEWAL AT THE RATE IN EFFECT AT THAT TIME UNLESS YOU CANCEL YOUR MEMBERSHIP BY LOGGING IN OR BY CONTACTING [email protected].

ALL CHARGES FOR MONTHLY OR ANNUAL MEMBERSHIPS ARE NONREFUNDABLE.

EACH MEMBERSHIP WILL ONLY FUNCTION ON UP TO 3 MACHINES. ACCOUNTS ABUSING THAT LIMIT WILL BE DISCONTINUED.

FOR ASSISTANCE WITH YOUR MEMBERSHIP PLEASE EMAIL [email protected]




Return to Homepage

POSTED IN Banking

Editor's Picks

Subscribe
Notify of
guest

2 Comments
oldest
newest most voted
Inline Feedbacks
View all comments
Scott Brown
Scott Brown
1 year ago

Is Virginia Credit Union trying to run the smaller Richmond Credit Unions out of business?
For example. Richmond Heritage, started by teachers, and the Richmond Fire & Police Credit Union.
$5 billion is way to big for a credit union. They sould be broken up, maybe back into a few of the credit unions that they took over or “merged” with over the last 20 years. They have credit union in their name, but just like a number of other large credit unions, they are just a big bank in credit union clothing.

Peter James
Peter James
1 year ago

With VACU locations in Carytown, Scott’s Addition, the Arts District and now Church Hill, can Manchester be far behind?