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About New Generations

Thank you for choosing New Generations!  We are a federally-chartered, federally-insured financial cooperative headquartered in the beautiful state capital of Virginia, Richmond. Hard by the historic James River, New Generations traces its roots to 1950 as the credit union founded to serve employees of the City of Richmond, a group we continue to serve to this day. Since the early days, we've added employees of over 700 employers around the area.

We currently operate six offices: four in Richmond and one each in the adjoining counties of Chesterfield and Hanover. New Generations is a full-service financial institution offering a comprehensive array of consumer financial services.

Click here to read a Member Testimonial

Our Mission

New Generations Federal Credit Union is a local financial institution dedicated to delivering full financial services to our members in a prompt, friendly, and professional manner.

Our History

The credit union was originally organized on August 23, 1950 as the Richmond, Virginia Municipal Federal Credit Union to provide financial services to employees of the City of Richmond. The National Credit Union Administration approved the charter the following month, and the first membership meeting was held on September 14, 1950.

During its history, the credit union has operated in a variety of locations beginning with the basement of the old City Hall on West Franklin Street. In 1982, after having had a total of six homes, the credit union relocated to the 16th Floor of the City Hall Building to an office that remains operational.

In 1984, the first branch was opened in the Schools Building near the home of the Atlanta Braves Triple-A farm team at The Diamond. In the spring of 1989, the credit union opened a new location at 1700 Robin Hood Road, which became the head office. At the same time, the name was changed to VaCap to reflect the fact that membership eligibility had been expanded to include employees of entities other than the City.

In March 1991, the Richmond Memorial Hospital Credit Union was merged into VaCap, bring with it 2,000 employees of that facility. Less than a year later in February 1992, the credit union for the local Kraft Foods plant also became a part of VaCap. Since that time, in excess of 700 employee groups have become part of New Generations' field of membership, and the base has become extremely diverse to include not only municipal workers, but those in the medical, manufacturing, and professional fields, as well.

New Generations currently has over 18,000 members, almost $60 million in total assets, and operates branches in Hanover and Chesterfield counties in addition to the two City offices.

Board of Directors

  • Daisy Weaver, Chairperson
  • Thomas Wagstaff, Vice Chairperson
  • Thomas Amiss, Comptroller
  • Lucy Hayth, Secretary
  • Beatrice Burton, Asst. Secretary
  • Debora Johns
  • Glen Starnes
  • Carl Mosca 

 

Supervisory Committee

  • Angela Anderson, Chairperson
  • Gwen Carney
  • Winston Lucombe

 

New Generations is a Member-Owned Financial Cooperative serving Richmond since 1950
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Your savings federally insured to at least $250,000 and backed by the full faith and credit of the United States Government.		 equal housing lender
We Do Business in Accordance With Federal Fair Lending Laws.
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