Virginia Beach, VA, April 21, 2009

Press Contact:
Liz McNulty
Chartway Federal Credit Union
757-552-1000 x43699
cemcnulty@chartway.com

Credit unions across the country are reporting record losses for the first quarter of 2009. From California to North Carolina, credit unions are losing millions of dollars – up to a staggering $26.5 million in one case. Hampton Roads heavyweight, Chartway Federal Credit Union is an exception. Today, on its website, Chartway is reporting a first quarter net income from operations in excess of $330,000.
“Have we made some sacrifices? Yes. Have we had to tighten our belts? Sure. I expect the same is true for our members,” says President and CEO Ron L. Burniske. “The real question is whether we’ve had to change the way we do business. The answer is an unequivocal no. We haven’t, and we never will.”
                                                              
Despite a complex and challenging financial market, Chartway is still lending. In the coming week, Chartway will announce rate decreases on its credit cards to combat the rate hikes that many other banks are assessing in order to make borrowing more affordable for its members. Chartway has also chosen not to decrease member credit lines, or impose any balance-transfer or cash-advance fees—which are in excess of 5% at some financial institutions. It has prided itself on working one-on-one with members struggling to stay afloat.

“We pride ourselves on working one-on-one with members who are struggling to stay afloat. Because of our commitment to put our members first, we have plenty of resources to continue to lend responsibly.”

Chartway Federal Credit Union, chartered in 1959, is a not-for-profit financial institution headquartered in Virginia Beach, Va., with assets of more than $1.1 billion. Founded on the credit union philosophy of “People Helping People,” Chartway’s fundamental goal continues to be to enhance the lives and financial stability of close to 155,000 members. The organization provides services in Arkansas, Florida, Georgia, New Jersey, North Carolina, Ohio, Rhode Island, Texas, and Virginia. Chartway offers financial services including checking and savings accounts, loans, credit cards, online banking, insurance and investment counseling to members. For more information, visit www.chartway.com.