Virginia Credit Union Completes Merger with Chesterfield Federal Credit Union

Virginia Credit Union has completed its merger with Chesterfield Federal Credit Union and will finalize the consolidation of operations on Monday, June 1.

With the merger, members of CFCU became members of Virginia Credit Union on May 1; this coming Monday they will gain access to Virginia Credit Union’s larger mix of products, services, facilities, financial education resources and technology for managing their accounts.

Virginia Credit Union has sent a welcome packet to approximately 9,000 CFCU members with customized information about the merger and the transfer of their accounts. CFCU members do not need to take any action to transfer their accounts to Virginia Credit Union. All checking and savings accounts, as well as loans and credit cards, will be transferred automatically before 9 a.m. Monday.

All Virginia Credit Union members will gain access to two additional branches from the merger. The former CFCU branches at 6737 Public Safety Way, Chesterfield, VA 23832 and 13601 Midlothian Turnpike, Midlothian, VA 23113, become fully operational branches of Virginia Credit Union on June 1.

Note: As a precaution against the COVID-19 pandemic, VACU branch lobbies are currently closed and members are served by appointment only or in the drive-through. Drive-through hours are 9 a.m. – 6 p.m. Monday – Friday with some branches observing Saturday hours as well. When full service is restored, the hours for the two new Chesterfield branches will be as follows:

• The Midlothian Branch will be open for lobby service from 9 a.m. – 5 p.m. Monday – Thursday and 9 a.m. – 6 p.m. on Friday and 9 a.m. – 12 noon on Saturday. The Midlothian Branch Drive-Through will be open 9 a.m. – 6 p.m. Monday – Friday and 9 a.m. – 12 noon on Saturday. The Midlothian Branch has a 24-hour ATM.
• Hours for the Courthouse Branch will be open for lobby service from 9 a.m. – 5 p.m. Monday – Thursday and 9 a.m. – 6 p.m. on Fridays. The Courthouse Branch Drive-Through is open 9 – 6 Monday – Friday. The Courthouse Branch has a 24-hour ATM.

The former Brandermill Branch of CFCU will be closed after Friday, May 29. Members in that area are served by the Virginia Credit Union branches on Hull Street Road at Genito Road and in the Hancock Village Shopping Center.

Chris Shockley, President/CEO of Virginia Credit Union, said, “We believe this merger will be a good fit for Chesterfield Federal Credit Union members and we are confident that they will find excellent value, sound financial guidance, and a warm welcome from our Virginia Credit Union team.”

Merger timeline

Members of the Board of CFCU approached Virginia Credit Union about a merger in 2019. The CFCU Board voted to approve the merger, pending a majority vote from its membership and approval from federal and state regulators.

In mid-March, Chesterfield credit union members voted overwhelmingly to support their Board’s recommendation for the merger. Regulators from the NCUA and state Bureau of Financial Institutions also approved the plan.

Employees of CFCU were given opportunities to apply for open positions at Virginia Credit Union and more than a dozen have begun work at branches and in other departments.

The merger has been accomplished on schedule despite the challenges of operating amid the coronavirus pandemic. Although Virginia Credit Union has remained open throughout the past several weeks, face-to-face services with members have been reduced. Services have been performed at branch drive-through windows and by appointment only. Most VACU employees have been able to telework from their homes.

A financial cooperative serving 300,000 members, Virginia Credit Union offers a variety of affordable banking services, loans, mortgages, and free financial education resources, with a focus on helping people be more confident with their finances. Virginia Credit Union is an equal housing opportunity lender and is federally insured by NCUA.