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Dupont Community Credit Union Locations
The new DuPont facility is located on Route 11, just north of I-64. This is Waynesboro Credit Union’s twelfth branch. Photo by Lindsay Castleberry.
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There’s no shortage of banks in Lexington, but one type of financial institution is missing from the city: a credit union.
DuPont Community Credit Union, or DCCU, will open a “Lexington Member Center” on Thursday. The facility – located on Route 11, just north of I-64 – will mark the Waynesboro credit union’s twelfth branch.
Nick Martino, branch manager of the Lexington “membership center,” said the credit union decided to open a branch here after positive feedback from members in the area.
“We’re asking for member input through surveys, and we have a lot of inquiries and numbers asking about a location in Rockbridge County,” Martino said. “After we got enough feedback from people in the market, we decided we wanted to set up a branch there.”
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The new facility will expand to 4,200 square feet and feature a drive-thru ATM. Martino said DCCU owned the land before construction on the center began in May. Now, six months later, it’s almost ready for its debut. Branches are opening earlier and Rockbridge County’s financial market is bracing for additional competition.
The new building covers 4,200 square meters and has an ATM. During the first week of operation, the credit union will offer extended hours from 9 a.m. until 7 p.m. Photo by Polina Noskova.
On Monday, a sign will be placed in front of the center’s entrance officially welcoming customers. During the first week of operation, the credit union will offer extended hours from 9 a.m. until 7 p.m. Starting next week, regular business hours will be 9am to 5:30pm. Monday through Thursday and from 9 a.m. until 6 p.m. on Fridays.
“I have very high expectations [for the Lexington Deputy Central Office], just because of all the love we’ve had from the community,” Martino said. “Like everywhere, when we go to lunch or to the store, people pull us aside because they see the logo on our shirt. They are asking when we open and they are asking about the credit union, so hopefully this will come out very soon and be successful.
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Credit union membership has grown in recent years, according to an October report from CUNA Mutual Group, an insurance company that serves the credit union. As of August 2015, 104.3 million Americans were members of a credit union, a six percent increase from two years ago.
While banks are for-profit organizations that serve shareholders, credit unions are nonprofit organizations. Their income is returned to members with higher income and lower loan interest. This benefit encourages some consumers to ditch their banks and open accounts at credit unions.
For example, during the week of Nov. 9, DuPont charged 1.79 percent for new auto loans, compared with Wells Fargo’s rate of 3.12 percent. And according to the National Credit Union Administration, which regulates credit unions, the average four-year guaranteed deposit rate at credit unions this fall was 1.18 percent, compared to 0.97 percent at banks.
When the DCCU grew to ten branches within eighteen years, the organization began to disintegrate in the basement of E.I. in 1959. DuPont’s Nemours & Company laboratory in Waynesboro. The company, better known as DuPont, is a diversified chemical company based in Delaware. In Waynesboro the company manufactured synthetic fibers such as Rayon.
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Plantation workers formed the credit union with the goal of saving workers money by allowing them to borrow at low interest rates. By the end of its first year, the credit union had 1,275 accounts, $72,827 in loans and $91,251 in assets. After twenty years, it has grown to $32 million in assets and more than 7,000 members.
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 not affiliated with DuPont. The DuPont plant was purchased by Koch Industries in 2004 and renamed Invista, which still operates in Waynesboro.
Today, DCCU has locations along Virginia’s I-81 corridor, including Staunton, Stuarts Draft, Verona, Waynesboro and Woodstock and three in Harrisonburg. The most recent 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 leaders BB&T, Cornerstone Bank and Wells Fargo, six other banks are located here. The only other nearby credit union, Big Island 1013 Federal Credit Union, is located in Buena Vista.
Nancy Yera, regional banking district for Roanoke-based Wells Fargo, said Monday that she believes the credit union offers the public more options. However, he does not see the DCCU’s Lexington office as a threat.
“Credit unions offer a lot of great benefits and a lot of our customers bank with a credit union and bank with Wells Fargo, but I don’t think that’s going to have a big impact on the [Lexington] store because we have one. . many loyal customers to that bank and Wells Fargo,” Yera said.
Sarah Landram, community finance coach for DuPont’s Waynesboro division, said she hopes the Lexington branch will attract a diverse group of people, including students.
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“We’re a growing company,” Landram said. “Our plan is to continue to grow and increase the number of participants.”
The Lexington Member Center will initially have six employees, including a branch manager, an assistant branch manager and four staff members. The team established and providing training to prepare for the release will compete through a strategic process.
“They go to local businesses and organizations and try to generate word of mouth business,” Landram said. “We also use print ads, radio ads and sometimes email to let people know we’re in the area.”
Landram said it can take a few years for a new credit union to reach membership and be considered successful.
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“The first time you open a branch, it’s not always going to be the same,” Landram said. “It takes a long time to build these assets.”
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We’ve upgraded our certifications to help you earn more! Opening a certificate is simple: log in to Online Banking, visit a branch or call us. Take advantage of this limited offer today! APY = Annual Percentage Rate
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A publication of DuPont Community Credit Union. In this issue, we discuss the priority of financial wellness, competition in the 2024 stock market and the Board of Directors.
DCCU partners with H&R Contractors for our annual trade days. The community is invited to bring personal documents for processing free of charge.
DCCU members are invited to attend our annual meeting on Tuesday, March 26, 2024 at the Waynesboro Best Western. Join us for credit union updates, board reports and more.
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