Chartway Federal Credit Union is a

credit union A credit union, a type of financial institution similar to a commercial bank, is a member-owned nonprofit financial cooperative. Credit unions generally provide services to members similar to retail banks, including deposit accounts, provision ...

headquartered in

Virginia Beach Virginia Beach is an independent city located on the southeastern coast of the Commonwealth of Virginia in the United States. The population was 459,470 at the 2020 census. Although mostly suburban in character, it is the most populous cit ...

and is chartered and regulated under the authority of the

National Credit Union Administration The National Credit Union Administration (NCUA) is a government-backed insurer of credit unions in the United States, one of two agencies that provide deposit insurance to depositors in U.S. depository institutions, the other being the Federal ...

(NCUA). Chartway serves more than 190,000 members throughout Texas, Utah, and Virginia.

History

On September 4, 1959, seven civilian workers at the

Norfolk Naval Air Station Naval Station Norfolk is a United States Navy base in Norfolk, Virginia, that is the headquarters and home port of the U.S. Navy's Fleet Forces Command. The installation occupies about of waterfront space and of pier and wharf space of the Hampt ...

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.{{cite news , last1=Schwartz , first1=Michael , title=ANNIVERSARY Chartway Federal Credit Union – 50 years , url=https://www.pilotonline.com/2009/12/23/anniversary-chartway-federal-credit-union-50-years/?clearUserState=true , access-date=July 16, 2023 , work=

The Virginian-Pilot ''The Virginian-Pilot'' is the daily newspaper for Hampton Roads, Virginia. Commonly known as ''The Pilot'', it is Virginia's largest daily. It serves the five cities of South Hampton Roads as well as several smaller towns across southeast Virgin ...

, date=December 23, 2009 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. Under the new legislation, members became 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 open its membership to 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 March 1983, the credit union changed its name again to Naval Air Federal Credit Union. In 1996, the credit union became Chartway Federal Credit Union. Because there were branches in many different states and a much broader field of membership, the name “Chartway” was chosen because it reflected the members loyalty and a dynamic new course. In 2010, HeritageWest Credit Union and SouthWest Community Credit Union joined Chartway and Utah Central Credit Union became part of the organization in 2011.

Membership

Chartway serves members in branches in

Texas Texas (, ; Spanish language, Spanish: ''Texas'', ''Tejas'') is a state in the South Central United States, South Central region of the United States. At 268,596 square miles (695,662 km2), and with more than 29.1 million residents in 2 ...

Utah Utah ( , ) is a state in the Mountain West subregion of the Western United States. Utah is a landlocked U.S. state bordered to its east by Colorado, to its northeast by Wyoming, to its north by Idaho, to its south by Arizona, and to its ...

, and

Virginia Virginia, officially the Commonwealth of Virginia, is a state in the Mid-Atlantic and Southeastern regions of the United States, between the East Coast of the United States, Atlantic Coast and the Appalachian Mountains. The geography an ...

. Prospective members may also join the credit union with a $10 donation to its charitable arm.

References

;Bibliography *Berry, Carolyn. The Story of Chartway Federal Credit Union: From Cigar Boxes to Data Chips. Chesapeake, VA: Professional Printing Center, 2001. Credit unions based in Virginia Companies based in Virginia Beach, Virginia Banks established in 1959