Our History

In 1936, twelve employees of the Veterans Administration Facility, looking to achieve financial stability, placed $5.00 into a cigar box. On March 5, 1936, these twelve chartered the Veterans Administration Hospital Federal Credit Union.

Originally operated out of the office of L.H. Mitchell, the Manager of Laundry Service, the Credit Union was created when the twelve employees each deposited $5.00. This $60.00 was placed into a cigar box for safekeeping, and what would become the Salem VA Credit Union was begun.

In 1980, the name was changed to Salem Veterans Administration Medical Center Federal Credit Union.

In order to better serve the community at large, Salem VAMC Federal Credit Union became a community-chartered credit union in 2003. This means that anyone who lives, works or worships in the Roanoke Valley is eligible for membership. At this point, our name was abbreviated to Salem VA Credit Union for ease.

On April 16, 2007, Salem VA Credit Union opened its first branch away from the campus of the Veterans Administration Medical Center. It is located in Southwest Plaza on the corner of Route 419 and Grandin Road Extension. This new branch marks a time of exciting growth for the Credit Union as well as a significant change in the focus of financial institutions in the Roanoke Valley.

Today, 72 years later, Salem VA Credit Union has 24 staff members, two branches and over $59 million in assets working for you, our member/owners.

       
The History of Credit Unions

The credit union idea is a simple one: People should be able to pool their money and make loans to each other. It's an idea that evolved from cooperative activities in 19th century Europe.

Since that time, the idea's guiding principles have remained the same:

• Only people who are credit union members should borrow there
• Loans are made for "prudent and productive" purposes
• A person's desire to repay (character) is considered more important than the ability (income) to repay. Members are, after all, borrowing their own money and that of their friends. These principles still govern most of the world's credit unions.