Henrico Federal Credit Union and Bellwood Federal Credit Union have announced their intentions to merge. Pending the approval of the Bellwood FCU membership on April 12, 2012, Henrico FCU would be the continuing credit union and the Bellwood branch office would operate as Bellwood Credit Union, a Division of Henrico Federal Credit Union. The combined membership of both credit unions would approach 30,000 with assets of over $180 million. If approved, the merger is scheduled to be completed in mid-2012.
These two Richmond-based credit unions have grown up together and saw an opportunity to merge their operations while still maintaining the close ties they have with their members. According to Chris Williams, President/CEO of Henrico FCU, “Merging our credit unions together can give us the scale we need to grow and give our members the newest products and services that they deserve. This type of merger also allows us to maintain the member relationships that are so important to both credit unions.”
Henrico FCU serves members in Henrico and the surrounding areas, while Bellwood has served the employees at the Defense Supply Center and surrounding areas. Following an approved merger Henrico FCU would serve its existing members, members from Bellwood and individuals who live, work, worship or attend school in the 20 unique geographic areas included in the Richmond Metropolitan Statistical Area