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Newport Shipbuilding ECU Applies to Expand FOM to Include Underserved Areas

NEWPORT NEWS, Va. - Newport Shipbuilding Employees' CU filed two separate applications with the state Bureau of Financial Institutions on May 19 to expand its field-of-membership to include two underserved areas. In one application, the $792 million credit union applied to expand its FOM to include the contiguous designated "distressed...

By Staff Writer | Updated on June 01, 2004

NEWPORT NEWS, Va. – Newport Shipbuilding Employees’ CU filed two separate applications with the state Bureau of Financial Institutions on May 19 to expand its field-of-membership to include two underserved areas. In one application, the $792 million credit union applied to expand its FOM to include the contiguous designated “distressed community” known as the “Underserved Hampton Roads Community” which includes census tracts identified as underserved areas. These census tracts are in York County and the Cities of Newport News, Hampton, Norfolk, Virginia Beach, Portsmouth, and Chesapeake. The U.S. Census population of the UHRC is 437,058. In its second application, the credit union asked to expand its FOM to include the contiguous designated “distressed community” within the City of Suffolk. The population of this community is 19,000. Newport Shipbuilding ECU has approximately $792 million in assets and more than 72,000 members.

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