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Dupont Community Credit Union Waynesboro
DuPont’s newest building is located on Route 11, just north of I-64. This is Waynesboro Credit Union’s 12th branch. Photo by Lindsay Castleberry.
Dupont Community Credit Union
Lexington lacks banks, but the city does lack one type of financial institution: a credit union.
DuPont Community Credit Union, or DCCU, is opening its “Lexington Member Center” on Thursday. The building, located on Route 11, north of I-64, marks the Waynesboro Credit Union’s 12th branch.
Nick Martino, retail manager at the Member Center in Lexington, said the credit union decided to open a branch here after receiving a positive response from members in the area.
“We’re asking our members for feedback through surveys, and we’ve done several surveys with numbers asking for a branch in Rockbridge County,” Martino said. “After getting enough feedback from members, we decided that this is the market we want to enter.”
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The new facility is 4,200 square feet and includes a drive-through ATM. DCCU owned the land before construction on the center began in May, Martino said. Now, six months later, it’s almost ready for release. The branch opened early, preparing the financial market in Rockbridge County for additional competition.
The new facility is 4,200 square feet and includes a drive-through ATM. During the first week of business, the credit union offers extended hours from 9 a.m. to 7 p.m. Photo by Polina Noskova.
An official customer welcome sign will be placed at the entrance of the center on Monday. During the first week of business, the credit union offers extended hours from 9 a.m. to 7 p.m. Regular hours will resume next week from 09:00 to 17:30. From Monday to Thursday and from 09:00 to 18:00. on Friday
“I have high hopes [for the Lexington Membership Center] because of all the interest we’ve had from the community,” Martino said. “It seems like everywhere we go, whether it’s going to lunch or shopping, people pull us aside because they see our logo on our shirts. When we’re open, they ask about the union. So, I predict it will be very successful, very quickly.”
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Credit union holdings have grown in recent years, according to an October report from CUNA Mutual Group, an insurance company that serves the credit union industry. 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 non-profit entities that are loyal to their shareholders, credit unions are non-profit organizations. Their benefits are returned to members in the form of higher returns on savings and lower interest rates on loans. This advantage is prompting some customers to leave their banks and open accounts at credit unions.
For example, during the week of November 9, DuPont charged 1.79 percent for new auto loans, while Wells Fargo’s rate was 3.12 percent. And according to the National Credit Union Administration, which regulates credit unions, the average four-year deposit rate at credit unions this fall was 1.18 percent, compared to 0.97 percent at banks.
Although the DCCU grew to dozens of affiliates over 18 years, the organization began modestly in 1959 with E.I. in the basement of a DuPont de Nemours & Company employee’s home in Waynesboro. The company, commonly referred to as DuPont, is a diversified chemical company based in Delaware. In Waynesboro, the company produced synthetic fibers such as rayon.
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In order to save the money of the workers, the workers of the factory organized a credit union by taking loans to the workers at a low interest rate. At the end of the first year, the credit union had 1,275 accounts, $72,827 in debt and $91,251 in assets. 20 years later, it has grown to $32 million with over 7,000 members.
In 1985, DuPont Credit Union outgrew the basement and opened an office on West 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 remains in Waynesboro.
DCCU currently has branches in the I-81 corridor in Virginia, including Staunton, Stewarts Draft, Verona, Waynesboro and Woodstock, and three in Harrisonburg. The most recent branch, which opened last May, was on South Street in Harrisonburg.
According to the National Credit Union Administration, DCCU currently has 74,841 members and assets of $988,323,596. NCUA insures deposits at credit unions up to $250,000 per account.
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The number of financial institutions in Rockbridge County has increased over the past decade. In addition to market leaders BB&T, Cornerstone Bank and Wells Fargo, six other banks are present here. The only other credit union in the area, called Big Island 1013 Federal Credit Union, is located in Buena Vista.
Nancy Yera, a regional manager for Wells Fargo Bank who lives in Roanoke, said Monday that she believes credit unions provide more opportunities for the community. However, he does not see DCCU’s Lexington office as a threat.
“The credit union is very profitable and a lot of our customers bank at the Wells Fargo credit union and the bank, but I don’t think it will have a big impact on the [Lexington] store because a lot of loyal Wells Fargo customers bank with Fargo.” said Yera.
Sarah Landrum, community finance educator for the Waynesboro chapter of DuPont, said she hopes the Lexington branch will attract a diverse group of members, including students.
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“We’re a growing company,” Landrum said. “Our plan is to continue to grow and build membership.”
The Lexington member center will initially consist of six people, including a branch manager, an assistant branch manager and four staff members. A team that has already been established and is undergoing training in preparation for the launch will start with a basic approach to marketing.
“They go to local businesses and organizations and try to generate word of mouth business,” Landram said. “We use paper ads, radio ads and sometimes even email to let people know we’re around.”
Landrum said it will take several years for a new credit union to build a membership that reflects its success.
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“When you first open a branch, it’s not necessarily pretty,” Landram said. “It takes a long time to build these assets.”
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Employers in Rockbridge County have increased wages and reduced hours because they can’t find enough workers. New businesses on Route 11 could further reduce their workforce when they open. Waynesboro, VA (October 13, 2020) – DuPont Community Credit Union (DCCU) recently ran a special credit card campaign – Dine Out and Make a Difference – that was rewarding. Its members and society. In July and August, DCCU credit cardholders received 4x rewards or 4% cash back on restaurant purchases, which was especially important as many local restaurants experienced severe slowdowns due to the pandemic.
“Whether someone chooses to dine in, eat out, drive through or have food delivered, grocery shopping helps restaurants help them when they need it most,” said Amanda Cashatt, DCCU Card Services Manager. “We are also very excited to be able to support the Blue Ridge Area Food Bank through this campaign.”
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To support the needs of local families, DCCU has pledged to donate 1% of all restaurant purchases to the Blue Ridge Area Food Bank, where every dollar donated helps provide 4 meals. As a result of the Dine Out & Make a Difference campaign, DCCU was pleased to donate $13,394.58 to the Food Bank, which provides more than 53,000 meals to families in need.
“We are truly grateful to DuPont Community Credit Union and their support of our work, especially now,” said CEO Michael McKee.
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