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"Your Member-Owned, Not for Profit, Financial Cooperative" BayLands Federal Credit Union (formerly known as Chesapeake Employees' Federal Credit Union) was formed by a group of nine employees of what was then known as Chesapeake Corporation of Virginia, in West Point, Virginia, January 22, 1946. From these nine charter members, we have grown to over 6,500 members with assets of over $72,000,000. Their goal was, and still is, to provide a means through which employees could pool their savings, borrow from this common pool and in turn increase their savings by having the interest paid on loans returned to them in the form of dividends.
All financial institutions are governed by federal or state laws and regulations. BayLands is regulated and governed by the National Credit Union Administration (NCUA), an independent agency of the federal government. The NCUA conducts frequent examinations to determine if we are in compliance with all applicable laws, and to ensure the soundness of the credit union. The member is the most important part of the credit union management team. Each year an annual meeting is held. At this meeting, each member has the opportunity to cast his/her vote to elect those individuals he/she feels are best qualified and most knowledgeable to serve as volunteers on the Board of Directors. No matter how large or small a member's shareholdings, only one vote per member is allowed. It is the responsibility of the Board of Directors to establish all policies under which the credit union will operate, and to work with both the Supervisory Committee and the Management Team to carry out those policies in a proper manner.
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BayLands
is an organization owned by and operated for the mutual benefit of all
its members (not for profit, but for service). No outside organization
has any part in the ownership or direction of your credit union--it belongs
to the members. You actually own a part of your financial institution.