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VACU Named 2023 Outstanding Economic Development Partner

VACU receives economic development award

The Richmond Economic Development Authority (EDA) and the City of Richmond presented Virginia Credit Union (VACU) with its Outstanding Economic Development Partner award at the Second Annual Celebration of Business. The celebration was a significant event that highlighted the success of economic development initiatives over the past year and recognized the stakeholders who played a crucial role in making this success possible. Alongside Virginia Credit Union, the Historic Jackson Ward Association and CoStar Group were also honored for their exceptional dedication to Richmond's flourishing business community.

During the celebration, Economic Development Director Leonard Sledge, Mayor Levar Stoney, and EDA Board Chairman John Molster delivered inspiring remarks, highlighting the city's triumphs and emphasizing the importance of continued collaboration for sustained economic growth.

Director Sledge commended Virginia Credit Union, “for paying it forward and helping to build a financially strong community.” In particular he called attention to VACU’s efforts to expand banking accessibility in the city, with the establishment of five new branches. He further praised the credit union's unwavering support for financial education, exemplified through its numerous initiatives and collaborations with Richmond Public Schools, the Office of Community Wealth Building, RRHA, Richmond City's Treasurer's Office, and the Mayor's Youth Academy.

Cherry Dale, Vice President of Financial Education at VACU, emphasized the pivotal role of education. “We know that the foundation of having an equitable and vibrant economy is education. Virginia Credit Union is very focused on helping people with their finances and at the core of what we do is financial education. This starts early with VACU providing over 1,000 financial literacy books to all Pre K Students in the City of Richmond and continues throughout K-12 with our RPS Saves program. During the past school year we have been able to reach over 7,000 students with our financial education programs. VACU also offers a $20.00 direct savings account deposit for any Richmond students that would like to begin their savings/ banking journey with us. With the right access and education, residents will have better tools to improve their overall financial health and confidence. This is what VACU is about.”

Virginia Credit Union, a member-owned financial cooperative with over 320,000 members, offers a wide range of affordable banking services, loans, mortgages, and free financial education resources. The organization is committed to helping individuals gain confidence in managing their finances. As an equal housing opportunity lender, Virginia Credit Union is federally insured by NCUA. For more information, visit

Media Contact: Mike Pressendo | | 804-560-5664