Chartway Credit Union Creates CUSO to 'Drive Innovation'
Chartway Ventures opens its doors to investing in new opportunities to benefit credit union members.
The $2.6 billion Chartway Credit Union announced Monday that it formed a wholly-owned CUSO named Chartway Ventures. The new CUSO aims to invest in organizations that align with the credit union’s overall mission.
In Monday’s announcement from the Virginia Beach, Va.-based credit union (206,468 members), Chartway Ventures will focus its investment opportunities on businesses and organizations that line up with Chartway CU’s “purpose of unlocking the potential of individuals and families so they can thrive.”
In an email to CU Times, a spokesperson clarified the investment mission of Chartway Ventures as one that “will vary overtime, but will always be in support of the credit union purpose (helping members thrive), especially fintech partners that complement our operations.”
The investments will be selected by an organization’s innovative approach, scalability and like-mindedness with Chartway CU in order to help bring strong economic returns for credit union members.
Chartway Ventures will be led by Chartway CU EVP and Chief Strategy and Information Officer Rob Keatts as president. The CUSO will be staffed by credit union employees.
“We’re all very excited to see the impact Chartway Ventures will have on the credit union community,” Brian Schools, Chartway CU’s president/CEO, said. “Developing our own CUSO will allow us to drive innovation, foster collaboration, generate revenue and reduce costs, all of which help better serve our members.”
According to the announcement, the CUSO’s board of directors consists of Steve Warnecke as chair, who also is a Chartway CU board director; Retired Adm. Phil Olson as vice chair, who serves as executive director for the Phoenix Group of Virginia; Doug Leighton, who is a retired payments executive and fintech advisor; and Chartway CU President/CEO Brian Schools.