BayPort Credit Union Leads in Virginia with Outstanding Community Impact and Financial Education Initiatives

BayPort Credit Union Takes the Lead in Virginia's Financial Services

BayPort Credit Union has once again proven its commitment to local communities and financial education by winning the prestigious 2024 Social Responsibility Awards. For the fifth year in a row, BayPort Credit Union secured recognition in all four award categories sponsored by the Virginia Credit Union League.

Awards Breakdown

In an impressive show of innovation and social responsibility, BayPort topped the Louise Herring Award category, being recognized for the launch of its groundbreaking Get My Rate tool. This new technology facilitates local consumers in understanding potential loan rates for auto, credit card, or personal loans without affecting their credit scores. Such initiatives not only ease access to financial services but also underscore the importance of community-focused financial education, fostering economic growth and social development in the region.

BayPort Credit Union has taken a unique step as the first financial institution in the nation to implement this pre-qualification tool powered by its Credit Score and Reporting provider. This process exemplifies BayPort’s vision of being a reliable source for financial literacy and empowerment.

In addition to this, the credit union's commitment to promoting financial education was recognized with a second-place finish in the Desjardins Adult Financial Education Award category. The organization has consistently offered a range of educational workshops, both virtual and in-person, specifically tailored for the shipyard community. These ongoing initiatives include enhancing their Virtual Wellness Series, which serves as an online financial education program, alongside participation in national events such as Financial Literacy Month and America Saves Week.

BayPort's efforts extend to youth financial education, and the credit union received second place in the Desjardins Youth Financial Education Award category for its Cash for Class initiative. This comprehensive program, which includes its Youth Reward$ scheme, community sponsorships, and grants for teachers, plays a crucial role in nurturing financial literacy among younger generations. Such investments ensure students and educators have the necessary resources to thrive in today’s financial landscape.

Community Commitment

BayPort's dedication to local education was recognized in the Dora Maxwell Award category, where the credit union garnered third place for its commitment to addressing the skilled labor shortage in the region. The announcement of a significant $500,000 ACT Grant exemplifies BayPort's proactive approach to workforce development. Partnering with key organizations, this grant aims to create an effective pipeline for skilled labor through educational support.

In addition to these initiatives, BayPort’s contributions extend far beyond awards. The credit union showcases a robust philanthropic profile, donating over half a million dollars annually, while also encouraging staff engagement in community service and fundraising initiatives.

BayPort's Legacy

Founded in 1928 by shipyard workers, BayPort Credit Union has maintained its roots in providing a trusted source for low-interest loans and financial services. With a current asset management of $2.4 billion and serving 152,000 members across 29 locations, BayPort continues to exemplify excellence in service through its innovative solutions and community engagement.

As a Superior 5-Star Credit Union rated by Bauer Financial, BayPort Credit Union stands as a beacon of trust and responsibility in the financial sector, continually striving to improve the lives of its members and the local community.

In an era where financial education is more crucial than ever, BayPort Credit Union sets a commendable example in the industry, demonstrating that financial institutions can have a profound impact on societal growth and personal empowerment.