Salem VA Credit Union is a member-owned cooperative that operates on a not-for-profit basis. As a federal credit union, we are chartered, supervised and insured by the federal government through the National Credit Union Administration (NCUA). The NCUA insures member share accounts up to $250,000 per member, and is the most secure and strongest of the federal savings insuring agencies.
Control of our credit union and its management is in the hands of our members. Once a year, members elect our Board of Directors and Credit Committee. Each member gets one vote regardless of the number of shares they own. The Board is required to meet at least once a month and is charged with providing the general direction and control of the credit union. Among the Board’s specific duties are ensuring qualified management, establishing operating policies, maintaining member confidence and staying informed of internal and external developments that could affect the credit union.
The Board of Directors is charged with appointing a Supervisory Committee. The committee is responsible for maintaining oversight of the credit union’s management and insuring the financial condition is fairly represented.
We are committed to making a difference
in the lives of our members and our community.