Salem VA Credit Union

What Salem VA Credit Union does

Salem VA Credit Union is a federally chartered, member-owned cooperative credit union headquartered at 112 West Main Street in Salem, Virginia. Founded in 1936 as The Veterans Administration Hospital Federal Credit Union by twelve VA Medical Center employees who each placed $5 into a cigar box, the institution's field of membership was expanded in 2003 to include anyone who lives, works, or worships in Roanoke City, Roanoke County, the city of Salem, or the town of Vinton. It operates three branches: the main Salem branch with drive-thru, a Roanoke branch at 2042 Electric Road (the 419 branch), and the VAMC branch inside the VA Medical Center, and is chartered, supervised, and insured by the National Credit Union Administration with member share accounts insured up to $250,000.

Name

Salem VA Credit Union

Legal name

Salem VA Credit Union

Website

https://salemvafcu.org

Company type

Private

Founded year

1936

Operating status

Operating

Headcount range

11–50 employees

Short description

Salem VA Credit Union is a federally chartered, member-owned credit union founded in 1936, serving individuals in Roanoke City, Roanoke County, Salem, and Vinton, Virginia through three branches offering savings, checking, loans, and digital banking.

Ownership category

akta.pro rank

Product category

Retail Banking (Credit Union)

NAICS

Credit Unions (52213)

SIC

Personal Credit Institutions (6141)

akta.pro primary industry

Community Credit Unions (Retail/Consumer Focus) (FSABAEAA)

akta.pro secondary industries

Bank & Credit Union Personal Loans (Unsecured Installment) (FSAKAAAL), Military & Veterans Credit Unions (FSABAEAI)

Keywords

• Credit union services
• Consumer banking
• Loan products
• Savings accounts
• Membership banking

Headquarters

HQ city

Salem

HQ country

United States

HQ region

North America

Offices3 records

Markets served

GTM type

B2C

Offering type

Services

Cost components

Personnel, Operations, Technology or R&D, Infrastructure, Marketing or Sales

Revenue model

1. Interest Income on Loans: Primary revenue source from interest charged on vehicle loans, mortgages, home equity loans, personal loans, and credit cards. Vehicle loans range from 5.00% to 17.25% APR depending on term and vehicle age. Mortgages range from 6.00% to 13.25% APR. Credit cards at 13.5% APR.
2. Fee Income: Overdraft fees ($35 per item), late payment fees ($10 for credit cards), and online loan payment processing fees ($5.95 per payment through REPAY portal).
3. Share/Dividend Income: Members deposit savings that earn dividends. The credit union pays out dividends to members while using deposits to fund loans.

Pricing tiers

Go-to-market motion1 record

Distribution channels5 records

Marketing channels5 records

Core offering

Salem VA Credit Union is a federal, member-owned credit union providing retail banking products to consumers in the Salem-Roanoke region of Virginia. It offers deposit products (savings, checking, money market, share certificates, IRAs), consumer loans (auto, RV, mortgage/HELOC, personal, credit cards, share secured), and digital banking services via online and mobile channels.

Product overview

Salem VA Credit Union offers a comprehensive suite of financial products and services organized around three core areas: Savings Products (Regular Savings, IRA accounts, Money Market, Share Certificates, and Club Accounts), Lending Products (Auto Loans, Recreational Vehicle Loans, Mortgage & Home Equity, MasterCard Credit Card, Personal/Signature Loans, and Share Secured Loans), and Electronic Services (My Credit Union Online/Branch, Mobile Banking, E-statements, Bill Pay, Call 24, and Pay Loans Online). The institution operates as a federally chartered credit union serving members in Salem, Roanoke, Vinton, and Roanoke County, VA. The digital banking platform centers on My Credit Union Online for web access and companion Mobile Banking app for smartphone/tablet use, with additional self-service channels including text banking, ATM networks (Culiance with 50,000+ surcharge-free ATMs), and 24/7 telephone banking via Call 24. The product ecosystem is extended through partnerships with REPAY (online payments), Groovecar (auto lending), and CarFax (vehicle history reports).

Differentiator

Problem solved

Functional benefit

Products and services

• Savings Accounts (Regular, IRA, Money Market, Share Certificates, Club) Deposit products for individual members including regular savings, individual retirement accounts (IRAs), money market accounts, share certificates, and club accounts. Designed for personal savings and long-term financial planning for consumer members.
• Checking Accounts Day-to-day transaction accounts for individual members to manage deposits, withdrawals, and payments.
• Auto Loans Vehicle financing loans offered to individual members for purchasing new or used vehicles.
• RV Loans Financing for recreational vehicles for individual members.
• Mortgage and HELOC Loans Home mortgage loans and home equity lines of credit (HELOC) for individual members purchasing or refinancing homes.
• MasterCard Credit Cards MasterCard-branded credit cards offered to individual members for personal borrowing and spending.
• Personal and Signature Loans Unsecured personal loans and signature loans offered to individual members for general personal use.
• Share Secured Loans Loans secured by the member's share deposits at the credit union, offered to individual members.
• Digital Banking Services Online and mobile banking channels enabling members to manage accounts, view balances, transfer funds, and access digital self-service.

Quantifiable outcome

• Overdraft fee of $35 per item (standard industry rate)
• +1 more outcomes

Segments2 records

Ideal customer profiles1 record

Technology focussed No

API detail

Has API

No

API docs

API detail

Core technology

AI maturity

App detail

Integration4 records

Feature4 records

Partnerships

One partnership is on record.

• GroovecarminorChannel Partner/ Reseller/ DistributorGroovecar provides online auto shopping platform partnership. Salem VA FCU has partnered with local dealerships through Groovecar to offer online vehicle search, CarFax reports, quotes, and pre-approval. Features '4 Mil' promotion for vehicle loans.

Scale indicators3 records

Recent moves10 records

Expansion highlights4 records

Direct peers

• Chartway Federal Credit Union: Virginia-headquartered community credit union offering deposit, vehicle, mortgage, and consumer lending products. Comparable member-owned cooperative operating across Hampton Roads and Virginia with similar product breadth.
• Langley Federal Credit Union: Virginia-based federal credit union providing deposit accounts, vehicle loans, mortgages, HELOCs, and credit cards to members in the Hampton Roads region. Comparable federal charter and community field of membership structure.
• Alliant Credit Union: Member-owned federal credit union serving a broad national membership with consumer deposits, auto loans, mortgages, and credit cards. Comparable cooperative credit union business model, though operating digitally at much larger scale.
• Virginia Credit Union: Virginia-based member-owned federal credit union offering full-service consumer banking (savings, checking, auto, mortgage, HELOC, credit cards) to Virginia residents. Comparable community-charter credit union model with overlapping field of membership.
• Member One Federal Credit Union: Virginia-based community federal credit union offering similar consumer deposit and loan products (auto, mortgage, HELOC, credit cards) to members in the Roanoke and greater Virginia market. Closest comparable in geography, charter type, and product mix.
• Truliant Federal Credit Union: Mid-sized federal credit union serving Virginia and the Carolinas with a similar mix of savings, vehicle loans, mortgages, and digital banking. Comparable cooperative model and consumer lending focus.
• CornerStone Bank (formerly Bank of Botetourt / First Virginia): Virginia-headquartered community bank serving the Roanoke and Shenandoah Valley regions with consumer deposit and lending products. Competes for the same local Roanoke Valley depositors and borrowers as Salem VA.

Broad incumbents

• PenFed (Pentagon Federal Credit Union): Large federal credit union originally chartered for military/defense community, now serving a broad membership with full-service consumer banking. Comparable VA/military heritage and member-owned cooperative status, but operates at significantly larger scale.
• Navy Federal Credit Union: Largest U.S. credit union serving military members and their families. Shares the military/veteran heritage angle with Salem VA and offers the same core consumer banking and lending products, but at vastly greater scale.
• First Citizens Bank: Large regional bank with significant Virginia branch presence offering consumer deposits, mortgages, auto loans, and credit cards. Competes directly for Roanoke Valley retail banking customers.

Market position

Strengths4 records

Weaknesses4 records

Competitive moat4 records

Key risks6 records

Key highlights7 records

Customer concentration

• Facebookfacebook.com/salemvacreditunion
• LinkedInlinkedin.com/company/salem-va-medical-center-federal-credit-union

Revenue estimate

Valuation estimate

Number of profiles

Funding overview

Funding rounds

Investors

Funding detail is available on the Subscription and Enterprise plan.Contact sales →

M&A

Investments

M&A and investment is available on the Subscription and Enterprise plan.Contact sales →

Frequently asked questions about Salem VA Credit Union