Langley FCU is taking over the former Wells Fargo branch in West Broad Village. (Mike Platania photo)
Local banks will soon have a sizable new competitor by way of Hampton Roads.
Langley Federal Credit Union, a $5 billion institution that’s one of the largest credit unions in the state, is expanding into the Richmond market for the first time.
Its initial flag here will be planted in Short Pump, where it’s taking over the former Wells Fargo branch at 11151 W. Broad St. in West Broad Village.
A Langley spokesperson said it expects to open the branch by the end of October.
It looks to be Langley’s first branch outside of its home market of Hampton Roads, where it has nearly two dozen branches around the Peninsula and Southside.
Langley has a broad charter allowing it to offer membership to a wide swath of the population and it said its expansion is an effort to follow some of those members into the Richmond area.
“Richmond reflects our desire to serve our growing membership in this market,” the credit union said in an emailed statement. “We believe the Richmond market has tremendous growth potential and we’re very excited to open our first physical branch in this market.”
Its chance to grab the Short Pump outpost came after Wells Fargo left the West Broad Village building vacant in October 2021.
The 4,000-square-foot standalone building sits next to Whole Foods and is owned by Shopcore, the West Coast-based real estate firm that owns the bulk of the commercial space at the mixed-use development.
Langley joins a competitive Richmond banking market, which has also attracted expansion from other credit unions of late. Northern Virginia-based Navy FCU, which is among the largest credit unions in the country and also has a major presence in Hampton Roads, has three branches in the Richmond region.
Richmond-based Virginia Credit Union, which is similar in size to Langley in terms of total assets, has been on an aggressive branch expansion plan across the city of Richmond over the last year, with at least five locations open or in the works.
Langley FCU was founded in 1936 as the National Advisory Committee for Aeronautics Laboratory Federal Credit Union. It changed its name to Langley Memorial Aeronautical Laboratory Federal Credit Union in 1942, before adopting Langley FCU in 1956 as it expanded by adding members of the U.S. Air Force to its membership base.
Today, with its expanded charter, it has 360,000 members and 750 employees.
It reported net income of $34 million in 2022, down from nearly $50 million in 2021.
Langley FCU is taking over the former Wells Fargo branch in West Broad Village. (Mike Platania photo)
Local banks will soon have a sizable new competitor by way of Hampton Roads.
Langley Federal Credit Union, a $5 billion institution that’s one of the largest credit unions in the state, is expanding into the Richmond market for the first time.
Its initial flag here will be planted in Short Pump, where it’s taking over the former Wells Fargo branch at 11151 W. Broad St. in West Broad Village.
A Langley spokesperson said it expects to open the branch by the end of October.
It looks to be Langley’s first branch outside of its home market of Hampton Roads, where it has nearly two dozen branches around the Peninsula and Southside.
Langley has a broad charter allowing it to offer membership to a wide swath of the population and it said its expansion is an effort to follow some of those members into the Richmond area.
“Richmond reflects our desire to serve our growing membership in this market,” the credit union said in an emailed statement. “We believe the Richmond market has tremendous growth potential and we’re very excited to open our first physical branch in this market.”
Its chance to grab the Short Pump outpost came after Wells Fargo left the West Broad Village building vacant in October 2021.
The 4,000-square-foot standalone building sits next to Whole Foods and is owned by Shopcore, the West Coast-based real estate firm that owns the bulk of the commercial space at the mixed-use development.
Langley joins a competitive Richmond banking market, which has also attracted expansion from other credit unions of late. Northern Virginia-based Navy FCU, which is among the largest credit unions in the country and also has a major presence in Hampton Roads, has three branches in the Richmond region.
Richmond-based Virginia Credit Union, which is similar in size to Langley in terms of total assets, has been on an aggressive branch expansion plan across the city of Richmond over the last year, with at least five locations open or in the works.
Langley FCU was founded in 1936 as the National Advisory Committee for Aeronautics Laboratory Federal Credit Union. It changed its name to Langley Memorial Aeronautical Laboratory Federal Credit Union in 1942, before adopting Langley FCU in 1956 as it expanded by adding members of the U.S. Air Force to its membership base.
Today, with its expanded charter, it has 360,000 members and 750 employees.
It reported net income of $34 million in 2022, down from nearly $50 million in 2021.
It is really sad when Credit Unions act like Banks
$5 Billion in assets is way to big for a Credit Union and they should be broken up into at least 5 smaller credit unions, just like Virginia Credit Union should.
Sorry, Virginia Federal Credit Union. They are going to change their charter from state to federal so they will have one less level of oversight of their financial activities.