About Us
Menu
Membership Benefits
NAE is community chartered and can accept membership from people, living and conducting business within the area. If you live, work, worship, volunteer, or attend school in, or are a business or other legal entity located in the Virginia Beach - Norfolk -Newport News, VA - NC Metropolitan Statistical Area consisting of Gloucester, Isle of Wight, James City, Mathews, and York Counties, including the cities of Chesapeake, Hampton, Newport News, Norfolk, Poquoson, Portsmouth, Suffolk, Virginia Beach, and Williamsburg in Virginia and Currituck and Gates Counties in North Carolina, you qualify for NAE membership.
To join a credit union, you must be eligible for membership. Members of each credit union share a “common bond” such as being employed by the same employer, belonging to an organization or church, or living in the same community. Each credit union determines the specific group, field, or membership it will serve.
People all over the world belong to credit unions. Credit unions have been able to keep pace with the needs of their members by offering a variety of services in addition to savings and loans. Typically credit unions have better interest rates on deposits as well as loans. Credit unions return surplus income to their members in the form of dividends. More and more people join credit unions and are pleased with credit union service.
Federal credit unions are chartered, regulated and insured by the National Credit Union Administration (NCUA), an agency of the federal government. Through NCUA’s National Credit Union Share Insurance Fund (NCUSIF), the funds of all federal and most state-chartered credit union members are insured up to $250,000.00 on regular accounts and $250,000.00 for retirement accounts.
CU History
NAE was formed when ten Ford employees from the Norfolk Assembly Plant pooled their resources to help other employees save and borrow (if needed) for the future. Shortly after being formed, the responsibility for growing the credit union was turned over to our current President/C.E.O., Palmer Stillman. During these formative years, the credit union grew from his shirt pocket to the back porch of Palmer’s house. It was during this time that the credit union reflected the image of a family credit union. Katy Stillman, Palmer’s wife, helped in all functions of the credit union. She hand posted ledger cards, manually wrote loans, updated accounts, and even sealed statement envelopes for mailing. Over the next twelve years, the credit union continued to grow until it was evident that additional facilities were needed. During 1978, the credit union opened its first office on Indian River Road.
It was during the late 70's and early 80's that the credit union showed its strength. The Ford Plant lost a full shift and everyone worried "What will happen to the credit union?" The credit union survived that time period, and even grew by opening the field of membership to other businesses, churches, civic leagues, and groups desiring the services of a Credit Union. In time, the credit union experienced another growth spurt and required additional space so the Battlefield office was opened in 1987.
The credit union continued to grow and opened a third office, located in the Western Branch area of Chesapeake in 2003. In the summer of 2006, the credit union was granted a Community Charter by the NCUA expanding the Field of Membership to covering all of Hampton Roads. In the following years since, NAE has been approached and agreed to merge three other credit unions into our current field of membership, Norfolk Southern Employees Credit Union (2014), Tidewater Dominion Employees Federal Credit Union (2016), and Norfolk Municipal Employees Federal Credit Union (2018). All three credit unions brought their existing members into the NAE membership family. The location of the Tidewater Dominion Employees Credit Union became NAE’s fourth branch location and first in Norfolk