Virginia CU Raises The State Bar OnFOM

November 23, 2004, 1:00 a.m. EST 1 Min Read

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RICHMOND, Va. - (11/23/04) -- State regulators said they haveapproved a conversion of Tidewater Telephone Employees CU to whatamounts to the broadest community field of membership ever granteda state chartered credit union in Virginia. The ruling by theVirginia Bureau of Financial Institutions will allow the $35million Virginia Beach-based credit union to serve more than 1.1million residents in the Virginia Beach area, including the citiesof Norfolk, Portsmouth, Chesapeake, Suffolk, Newport News, andHampton. It is believed to be the first state chartered FOM to topthe one million mark.

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