Chartway Federal Credit Union
From Wikipedia, the free encyclopedia
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| Type | Credit Union |
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| Founded | 1959 |
| Headquarters | Virginia Beach, Virginia, USA |
| Key people | Ron Burniske, President/CEO E. L. Gull, Jr., Chairman of the Board John L. McGrath, 1st Vice Chairman Judith P. Sparrow, 2nd Vice Chairman Edward A. Foshay, Board Emeritus James J. Sibley, Secretary of the Board Melvin S. Mizelle, Treasurer Albert C. Merritt, Board Director Robert O. Holmes, Board Director Dallas L. England, Board Director Wayne E. Foshay, Board Director |
| Industry | Financial Services |
| Products | Savings; Checking; Loans; Mortgages; Credit cards; Certificates; Insurance |
| Subsidiaries | Chartway Investments and Insurance Group; We Promise Foundation |
| Website | http://www.chartway.com/ |
Chartway Federal Credit Union is a not-for-profit, member-owned financial institution headquartered in Virginia Beach, VA, with assets of more than $1 billion. It was chartered in 1959 and is regulated under the authority of the National Credit Union Administration. Founded on the philosophy of “People Helping People,” Chartway’s fundamental goal is to enhance the lives and financial stability of its more than 155,000 members. Chartway is ranked 85th in the list of top 100 credit unions by asset size.
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[edit] History
On September 4, 1959, seven civilian workers at the Norfolk Naval Air Station each invested $5.00 and incorporated NorVA N.A.S. Federal Credit Union. In October 1959, the organization that would later become Chartway Federal Credit Union was chartered. Its field of membership included civilian and military personnel, along with their family members. The charter also extended to employees of the credit union and their families. The main purpose of this new credit union was to provide low-cost loans and to provide a convenient place for its members to save in a more organized manner. In January 1965, NorVA N.A.S. reached its first milestone of $1 million in assets and over 3,000 members. In 1969, the credit union had an opportunity to further expand with the passage of government legislation that allowed credit unions to change its charters. Members would now be eligible for lifetime membership even if they left the qualifying field of membership. Because of this, the credit union was able to retain its members and was able to open its membership to include retired Navy department civilians. In April 1972, the credit union changed its name to the Naval Air Norfolk Federal Credit Union. It also merged with Radron Credit Union to expand its field of membership to include the Cape Charles Air Force Station and anyone in the military who used either base. In 1977, the credit union moved into what is now its headquarters at 160 Newtown Road in Virginia Beach, VA. In March of 1983, the credit union changed its name again to Naval Air Federal Credit Union. In 1996, under the direction of President and CEO Ronald L. Burniske, the credit union became Chartway Federal Credit Union. Because there were branches in many different states, a much broader field of membership, and fewer ties to the military, the old name no longer seemed appropriate. According to Burniske, “Chartway” was chosen because “it reflected the members who brought us where we are today…and it reflected a dynamic new course for all of us.” In 2000, Chartway introduced its eBranch Internet Banking, which allowed members to manage their accounts online, pay their bills online, and receive electronic statements. By 2005, Chartway reached $1 billion in assets.
[edit] Membership
Chartway services members in Arkansas, Florida, Georgia, New Jersey, North Carolina, Ohio, Rhode Island, Texas, and Virginia. Membership with Chartway Federal Credit Union is limited to people who share a common bond. An individual is eligible to join Chartway under the following guidelines: he/she lives, works, worships, or goes to school in a defined geographic area served by one Chartway’s branches; he/she is an immediate family member of a Chartway member; he/she is an employee or an immediate family member of an employee who works for one of the 750 Select Employer Groups who offer Chartway’s credit union benefits to employees.
[edit] Services
Chartway Federal Credit Union offers savings accounts, checking accounts, IRA's, credit cards, loans (including home equity, auto, personal, and mortgage) certificates of deposits, investments, insurance, eServices, and financial counseling. In 2008, Chartway introduced its new eProducts Bundle—high yield savings and checking accounts accessed entirely online.
[edit] We Promise Foundation
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| Type | Charitable organization |
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| Founded | 2001 |
| Headquarters | Virginia Beach, Virginia, USA |
| Website | http://www.wepromisefoundation.com/ |
As the charitable arm of Chartway Federal Credit Union, the We Promise Foundation® is dedicated to making dreams come true for children struggling with degenerative, life-threatening, debilitating or chronic illnesses, or those facing tremendous hardship. Chartway, with the help of individual and corporate donors, has raised over $1.7 million through events such as golf tournaments and silent and live auctions to help make a child’s dream come true.
[edit] References
Berry, Carolyn. The Story of Chartway Federal Credit Union: From Cigar Boxes to Data Chips. Chesapeake, VA: Professional Printing Center, 2001.
[edit] Links
Chartway Federal Credit Union official website (http://www.chartway.com)
We Promise Foundation official website (http://www.wepromisefoundation.com/index.html)
