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