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DuPont’s new building is located on Route 11 north of I-64. This is the Waynesboro-based credit union’s 12th branch. Photo: Lindsey Castleberry.
Dupont’s Opening Brings Lexington’s First Credit Union
Lexington doesn’t lack banks, but the city lacks one type of financial institution: credit unions.
DuPont Community Credit Union (DCCU) will open its “Lexington Member Center” on Thursday. The building — located off Route 11, north of I-64 — will be the Waynesboro-based savings and loan association’s 12th branch.
Nick Martino, branch manager of the retail “Membership Center” in Lexington, said the credit union decided to open a branch here after receiving positive feedback from existing members in the area.
“We asked our members for feedback through surveys and conducted several surveys asking about the Rockbridge County chapter,” Martino said. “After enough members’ feedback, we have decided that we want to open a branch in this market.”
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The new facility is 4,200 square feet and has a drive-thru ATM DCCU owned the land before construction began on the center in May, Martino said. Now, six months later, it’s almost ready to debut. The branch opens ahead of schedule and prepares for additional competition in the Rockbridge County financial market.
The new facility is 4,200 square feet and has a drive-thru ATM During the first week of operation, the cash register will offer extended business hours from 9:00 am to 7:00 pm. Photo: Polina Noskova.
On Monday, there will be a board at the center’s entrance officially welcoming customers. During the first week of operation, the cash register will offer extended business hours from 9:00 am to 7:00 pm. Regular business hours will resume next week from 9 a.m. to 5:30 p.m. Monday through Thursday and 9:00 a.m. to 6:00 p.m. on Friday.
“I had really high expectations [for the Lexington Member Center] just because of the tremendous interest from our community,” Martino said. “It seems like everywhere we go, whether we go to lunch or go to the store, people pull us aside because they see the logo on our shirts. They’re asking when we’re opening and they’re asking questions about the credit union, so I predict it will be very successful, and very quickly.
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According to an October report by CUNA Mutual Group, an insurance company serving the credit union industry, the number of credit union members has been increasing in recent years. In August 2015, there were 104.3 million American credit union members, a 6% increase from two years earlier.
While banks are for-profit organizations loyal to shareholders, credit unions are non-profit organizations Their profits are returned to members in the form of higher savings returns and lower interest rates on loans. This benefit encourages some customers to abandon banks and open accounts with credit unions
For example, for the week of November 9, DuPont charged a 1.79% fee on new vehicle loans compared to Wells Fargo’s rate of 3.12%. According to the National Credit Union Administration, which regulates credit unions, the average interest rate on four-year certificates of deposit at credit unions was 1.18% this fall, compared to 0.97% at banks.
Although DCCU grew to more than a dozen branches in 18 years, the organization’s operations began modestly in 1959 in the basement of the home of employee E.I. DuPont de Nemours & Company in Waynesboro. The company, commonly known as DuPont, is a diversified chemical company based in Delaware. In Waynesboro, the company produced synthetic fibers such as rayon.
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Factory workers formed a credit union with the intention of saving workers money by allowing them to borrow at low interest rates. At the end of the first year, the credit union had 1,275 accounts, $72,827 in debt and $91,251 in assets. After 20 years, its assets have grown to $32 million and its membership is over 7,000.
In 1985, DuPont Credit Union expanded its basement and opened an office on West Main Street in Waynesboro. Twelve years later, it became a community credit union offering membership to citizens unaffiliated with DuPont. The DuPont plant was purchased by Koch Industries in 2004 and renamed Invista, which still operates in Waynesboro.
DCCU currently has branches along the I-81 corridor in Virginia, including Staunton, Stewarts Draft, Verona, Waynesboro and Woodstock, and three in Harrisonburg. The last branch opened last May on South High Street in Harrisonburg.
According to the National Credit Union Administration, DCCU currently has 74,841 members and assets of $988,323,596. NCUA guarantees credit union deposits up to $250,000 per account.
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The number of financial institutions in Rockbridge County has grown over the past decade. In addition to market leader BB&T, Cornerstone Bank and Wells Fargo, six other banks are present here. The only other credit union in the area is located in Buena Vista, Big Island 1013 Federal Credit Union.
Wells Fargo Banking District Regional Manager Nancy Ira, who lives in Roanoke, said Monday that she believes credit unions provide more options to the community. But he doesn’t see the DCCU office in Lexington as a threat.
“Credit credit unions offer a lot of convenience and many of our customers actually use the credit union and bank at Wells Fargo, but I don’t think it will have a huge impact on the [Lexington] store because we have a lot of loyal customers who use Wells Fargo services,” Yera said.
Sarah Landrum, community financial educator for DuPont’s Waynesboro chapter, said she hopes the Lexington chapter will attract a diverse membership, including college students.
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“We are a growing company,” Landram said. “Our plan is to continue to grow and grow our membership.”
The Lexington Member Center will initially employ six employees, including a branch manager, an assistant branch manager and four clerks. The team which is already established and undergoing training before the inauguration will start commercialization in a popular way.
“They go to local businesses and organizations and try to build relationships through word of mouth,” Landrum said. “We use print, radio and sometimes email advertising to let people know we’re in the area.”
Landrum said it could take several years for the new credit union to reach the desired membership and that would mean success.
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“When you first open a branch, it’s not necessarily fair,” Landrum said. “It takes a long time to build wealth like this.”
The only local news and television service for the Lexington, Buena Vista and Rockbridge communities since 1985.
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With the Southern Inn restaurant closing this summer, Lexington business owners are struggling to hire workers. As Krause explains why employers still have hope despite the city’s staggering labor shortage:
Rockbridge County employers have raised wages and cut hours because they can’t find enough workers. New businesses on Route 11 could put more pressure on workers if they open soon. We’ve increased our Grow Checking rate to help you earn more! This is a tiered fee account. Click Learn More for additional information about our Grow Account tiers. APR = Annual Percentage Rate
We’ve increased our certification rates to help you earn more! Opening a certificate is easy – log into Online Banking, visit a branch or call us Avail this limited time offer today! APR = Annual Percentage Rate
The Advocate Issue 1 Winter 2020 By Harrisonburg Rockingham Chamber Of Commerce
A DuPont Credit Community publication. In this issue, we discuss financial wellness priorities, the 2024 scholarship competition and board updates.
DCCU partners with H&R Contractors on our biannual Shed Day. The community is asked to bring personal documents for safe and free destruction.
DCCU members are invited to our annual meeting on Tuesday, March 26, 2024 at the Waynesboro Best Western. Join us for credit union updates, commission reports and more.
Vehicles from model year 2014 and newer. For vehicles with mileage equal to or greater than 100,000, an additional 1% will be added to the qualifying rate.
Bsa Coalition To Host Next Virtual Town Hall Aug. 16; Register Today
With the DCCU Discount Program, you can get 10% off the interest you pay on your car, home equity, credit card or personal loan every month!
Pay Early now gives you access to eligible direct deposits into DCCU accounts – including salary, pension and social security – for up to two
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