Baylands Federal Credit Union has become Baylands Family Credit Union after receiving final regulatory approval to change from federal to state charter, the credit union announced today.
Members voted for the transition in August to allow the $73 million CU to expand service to other communities. Over the next six months, the name and logo of the CU will change.
The West Point, Va.-based CU will still be federally insured by the National Credit Union Administration and each share owner will have the standard share insurance amount of $250,000.
“We would like to thank our members for voting yes to approve the state charter,” Chris Burgess, president and CEO of BFCU, said in a press release. “This is the culmination of several year’s work and strategic planning. The decision to change our charter was a bold step by our ‘all volunteer’ Board of Directors, and we look forward to working with the Virginia State Corporation Commission Bureau of Financial Institutions to increase our geographic footprint in the near future.”