Special Meeting Results

Update 8-15-2024 – Federal Charter Vote Approved!

BayPort members were welcome to attend a special meeting on August 14, 2024, at 3:30 PM at One BayPort Way, Newport News, Virginia 23606. The meeting gave a short overview and reported the approval of a proposed change from a state-chartered to federally-chartered credit union.

Members voted at any of our full-service branches on August 13, 2024, during regular business hours.

To learn more about the benefits of changing to a federally chartered credit union, see our frequently asked questions below.

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BayPort members are welcome to attend a special meeting on August 14, 2024, at 3:30 PM at One BayPort Way, Newport News, Virginia 23606. The meeting will give a short overview and report the outcome of the vote on a proposed change from a state-chartered to federally-chartered credit union.

Members can vote at any of our full-service branches on August 13, 2024, during regular business hours.

To learn more about the benefits of changing to a federally chartered credit union and how to vote, see our frequently asked questions below.

Frequently Asked Questions (FAQs)

• Why is BayPort converting from a state to a federally chartered credit union?
  • Changing to a federal charter will expand the opportunities for BayPort to offer new services to all members and welcome new member groups. The change will simplify our regulatory environment and allow us to operate under one set of rules instead of two. We are currently regulated by Virginia’s Bureau of Financial Institutions (BFI) and by the National Credit Union Administration (NCUA). Our leadership team and Board of Directors unanimously support this change.
• What is the difference between a state and a federal charter?
  • A federal charter will allow BayPort to meet our members where they are and expand the benefits of membership with BayPort to new markets. Federally chartered credit unions are regulated by the National Credit Union Administration (NCUA).
  • In addition to NCUA regulations, Virginia state-chartered credit unions are also regulated by the state’s Bureau of Financial Institutions (BFI) which regulates all of Virginia’s state-chartered credit unions and other financial institutions for compliance with the laws and regulations of the Commonwealth of Virginia.
• How will this change impact members?
  • There will be little to no impact on your products and services due to the charter change. You will still be able to transact business in the same way you do today.
  • Your account number and routing number for ACH transactions, loans, and deposit products will stay the same, and our website and BayPort Online Banking and Mobile Banking will remain the same. Checking, debit, and credit card access and numbers will remain the same.
• Does this impact federal insurance coverage? 
  • No. Credit union deposits will continue to be federally insured by the NCUA, meaning you have up to $250,000 in protection for an individual account. The NCUA provides separate insurance coverage for deposits held in different ownership categories such as individual accounts, joint tenancy accounts, Individual Retirement Accounts (IRAs), and trust accounts.
• Will BayPort members have to approve the change from a state to federal charter? 
  • Yes. Having obtained unanimous approval from our Board of Directors the next step is approval by BayPort members.
  • Members can vote at any of our full-service branches on August 13, 2024, during regular business hours. Voting results will be announced at a special meeting on August 14, 2024 at 3:30 pm.
• When will the charter change happen? 
  • We expect the full process of converting to a federal charter to occur in 2025.
• Will the credit union’s name change?
  • We will continue doing business as BayPort Credit Union. The only change to the name will be to add the word “Federal” to our legal name. You may see this referenced in official documents.
• Will voting rights as a member change based on a federal charter?
  • No. Member voting rights will remain the same.
• Under a federal charter, can you still be a member if you move outside the eligible service areas? 
  • Yes, you will still be a member if you relocate outside of BayPort’s field of membership. Once a member, always a member.
• When will the voting results be announced? 
  • Results will be announced at a special meeting on August 14, 2024, at 3:30 pm and posted to our website on August 15, 2024.