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About New Generations

Thank you for visiting our Website. New Generations Federal Credit Union is a federally-chartered, federally-insured financial cooperative headquartered in Virginia’s beautiful state capital, Richmond. As a credit union, we leverage our member-owned, non-profit status to your advantage in the form of low loan rates, low (and few) fees, and high savings rates. The fact that we are owned by our members and don’t have to answer to shareholders or institutional investors means that New Generations is here to serve you and your family. We are proud of the strong, family-oriented mission that this business structure allows us to carry out.

We began in 1950 by serving the needs of City of Richmond employees. While Richmond employees have remained a core membership group for us even today, over the years we have also welcomed the employees of over 700 Richmond-area businesses into our fold as members. As New Generations has grown in size, we’ve also expanded membership eligibility so that anyone who lives, works, worships, goes to school, or volunteers someplace with a Richmond address qualifies for membership. We invite you to visit one of our four area locations to see what makes New Generations different. We look forward to meeting you!

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 14,000 members, $65 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 
  • Joe Bales


Supervisory Committee

  • Angela Anderson, Chairperson
  • Gwen Carney
  • Winston Lucombe


Senior Management Staff

  • Jennifer Dandridge, President and CEO
  • Joanne Martin, Vice President of Finance and Information Technology
  • John Voige, Vice President of Collections and Lending
  • Terry Hampton, Vice President of Human Resources and Operations


New Generations is a Member-Owned Financial Cooperative serving Richmond since 1950
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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