Member Spotlight: Celebrating Richmond Heritage FCU's 88-Year Legacy of Financial Empowerment

As we commemorate Juneteenth, we proudly celebrate the 88-year legacy of the Richmond Heritage Federal Credit Union (RHFCU). Established in April 1936 as the Richmond Teachers Credit Union, RHFCU has remained a pillar of support and empowerment for the Black community in Richmond. Through decades of dedication and resilience, RHFCU has championed financial inclusion, overcoming significant challenges such as the Great Recession and the COVID-19 pandemic. Today, with technical assistance provided by Self-Help Credit Union, RHFCU continues to thrive, boasting a net worth ratio exceeding 30%, and remains committed to its founding mission of empowering and uplifting its members.

Historical Impact: Commitment to Equity and Access

RHFCU’s 88-year legacy is a testament to its dedication to equity, financial access, and social justice. As Richmond’s last Black-owned credit union, they honor the community's trust and support, which has enabled them to positively impact countless lives. Their history reflects a steadfast commitment to serving the underserved and empowering its members to achieve their financial goals.

Their leadership team, comprising entirely of Black leaders and a diverse Board of Directors, underscores their commitment to diversity and community service.

Community Engagement: Fostering Economic Empowerment

Richmond Heritage champions economic empowerment through:

• Fair Financial Services: Offering responsible lending, savings accounts, and other financial services.

• Financial Education: Educating members and their families to foster financial literacy. Through its partnership with Sonji Rollins Tucker of SRT Wealth Design Group LLC, RHFCU is able to offer its members online and in-person financial advisory, financial planning, estate planning, and retirement planning. They also offer debt relief for coursework to members who have fallen behind on loan payments.

• Strategic Partnerships: Collaborating with Virginia Union University, Bon Secours Community Hospital, Richmond Public Schools, Richmond NAACP, and Self-Help Credit Union to strengthen their community impact.

In the coming years they plan to:

• Expand digital member services

• Enhance financial literacy and underwriting practices

• Grow revenue through competitive products

• Strengthen staff and compliance practices

• Increase home and refinancing offerings

Supporting Members and the Community

The impact of the COVID-19 pandemic compounded many of the challenges that small community financial institutions, like RHFCU, already face, such as decreases in lending activity, lower member balances, and loan delinquencies. However, they used this obstacle as an opportunity to further demonstrate their commitment to their members. During this time, Richmond Heritage introduced programs such as skip-a-pay, loan refinancing, and debt forgiveness to support members facing financial hardship, as well as strengthened their remote banking capabilities to ensure continued access to their services.

Their community support also involves various events, such as their Block Party in late April. This event was not simply a celebration of their history but also a chance for members to connect with one another, interact with local Black vendors, enjoy free food and entertainment, and win exciting prizes. Even with the rain that day, nearly 80 credit union members, community residents and partner organizations came to celebrate their 88-year milestone. 

Highlight Video

This year’s Juneteenth celebrations at Richmond Heritage include decorating their branch, kicking off their "Get Your Money Straight" financial literacy program, and closing their location to respect the holiday.

As we celebrate and reflect on RHFCU’s remarkable 88-year journey, we recognize the impact of their commitment to financial empowerment and community service. As they look to the future, RHFCU’s dedication to expanding digital services, enhancing financial literacy, and strengthening community partnerships will continue to empower and uplift generations to come. Celebrating this legacy not only honors the past but also inspires ongoing efforts towards a more inclusive and financially secure future.