Welcome to New Generations Federal Credit Union! We are a federally-chartered, federally-insured financial cooperative headquartered in Virginia’s beautiful state capital, Richmond. As a credit union, we are 100% owned by our members and leverage our 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 don’t have to answer to Wall Street shareholders or institutional investors means that New Generations is here solely 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, or goes to school in Richmond, Chesterfield, Goochland, Hanover, and Henrico can join. We invite you to visit one of our three area locations to see what makes New Generations different. We look forward to meeting you!
To serve and delight our member-owners through financial empowerment.
New Generations Federal Credit Union was 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 today.
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 brand-new replacement location at 1700 Robin Hood Road to serve as the head office, now known as the Thomas J. Amiss Credit Union Center. At the same time, the name of the credit union was changed to VaCap Federal Credit Union 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, bringing 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 also become part of New Generations’ field of membership, and the base has become extremely diverse to include not only municipal workers, but also those in the medical, manufacturing, and professional fields, as well.
New Generations currently has 14,000 members, $62 million+ in total assets, and operates a branch in Chesterfield county in addition to the three City offices (including one on Belt Boulevard, opened in 2007).
Board of Directors
- Daisy Weaver, Chairperson
- Beatrice Burton, Vice Chairperson
- Debora Johns, Comptroller
- Michelle Randolph, Assistant Comptroller
- Lucy Hayth, Secretary
- Lynne Lancaster, Assistant Secretary
- Rayford Harris, Jr.
- Jacqueline Worsham
- Winston Lucombe
- Angela Anderson, Chairperson
- Gwen Carney, Vice Chairperson
- William C. Nelson, Jr.
Senior Management Staff
- Richard Preble, President and CEO
- Joanne Martin, Vice President of Information Technology
- Terry Hampton, Vice President of Human Resources and Operations
- Daniel Briere, Vice President of Lending and Marketing