Annual Report
View Highlights from the Past YearIt’s your Advantage
A Word from our President/CEO & Chairman
As we reflect on 2024, we are proud to share another year of growth, innovation, and unwavering commitment to our members and community. At 1st Advantage Federal Credit Union, our mission remains centered on providing financial solutions that empower our members while making a meaningful impact in the communities we serve. This year, we invested over $111,000 into our local community, supporting initiatives that align with our core values of service and giving back. As part of that commitment, our colleagues generously donated 78 hours of service to local causes. Our 1A Community Day was a remarkable success, uniting employees and volunteers for hands-on projects that brought meaningful impact to organizations in our area.
Additionally, our 1st Advantage Foundation is continuing to make a meaningful impact. Through our annual pickleball tournament, we raised over $44,000, allowing us to provide 244 baby bags to expecting military families at local bases, including Langley, Norfolk Naval, Naval Weapons Station Yorktown, Fort Eustis, and the United States Coast Guard Base in Yorktown. Supporting those who serve our country remains a core focus of our foundation, and we are honored to give back in meaningful ways. Read more
Paul W. Muse
President/CEO
Slyvester McClellan
Chairman
Fiscal Year 2024 Financial Highlights
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Assets surpassed$996 MM
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Total asset ratio rose14.18%
See more financial information in the full Annual Report.
1st Advantage Foundation
At 1st Advantage our passion for serving extends beyond financial products. Our commitment and dedication to our local
community dates back to the founding of the credit union in 1951. The credit union and its colleagues have a rich history of giving back to the local areas we serve through volunteering, donations and scholarships. To honor its heritage, the 1st Advantage Foundation supports every branch of the military in the local community, guided by their motto, “Serving those who serve.”
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Collected over375
packs of diapers during our member shred event
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Number of Baby Bags Distributed244
to local military bases
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Pickleball Tournament raised$44K
to support local military families
2023-2024 School Year
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1,360
students
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12
schools
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571
hours of learning
Providing Digital Education to the Community
At 1st Advantage, supporting our communities also means supporting our students. Together with Banzai Financial Education. We were able to bring a digital based financial education program to 1,360 students for a total of 571 hours of learning across 12 local schools. The program enabled students to practice and develop healthy financial habits through real-world scenarios and engaging educational interactions. 1st Advantages’ partnership with Banzai has allowed students to learn important financial skills at no cost to the district, schools, or teachers. Our goal remains to give as many students as possible access to this crucial financial education program. The combination of knowledge, confidence, and healthy habits sets learners up for financial well-being now and in the future. These skills will undoubtedly serve students well in their journey to financial success.
Financial topics include:
- Savings
- Insurance
- Borrowing
- Budgeting
- Life Changes
- Retirement
New Products and Services
We recognize that the needs of our members are evolving. In 2024, we introduced new products and services to address these changing needs.
Created to help kids build smart money habits early and develop a strong foundation for financial success. By making saving fun and rewarding, we aim to empower young members to take pride in their goals and learn the value of financial responsibility from the start.
High-Yield Savings helps members grow their savings faster with competitive rates and no unnecessary fees. It’s designed to maximize earning potential while keeping their money secure and easily accessible.
In Our Community
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Invested$111K
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Colleagues donated78 hours
Community Day
While most financial institutions were closed for the Columbus Day holiday, 1st Advantage colleagues rolled up their sleeves and participated in their 18th annual 1A Community Day, a day that is dedicated to giving back to, and reinvesting in, the community that they serve. Throughout the day colleagues worked on different large projects, each one uniquely designed and carefully planned, centered around fulfilling the immediate needs of several local non-profit organizations.
Community Impact Grants
Community Impact Grants are funded through our Dress Down Fund, made possible by the generosity of our colleagues. Each year, if funding allows, team members can nominate local nonprofits they’re passionate about. These grants help support organizations making a meaningful difference in the communities we serve. $500 grants were given to 20 local non-profits.
Launch of Our Corporate University
In 2024, we took a strategic step toward fostering professional growth and personal development by launching our new corporate university. This initiative is designed to empower growth through continued learning, providing colleagues with valuable opportunities to expand their knowledge, enhance their skills, and advance their careers. By investing in our team’s success, we strengthen our ability to serve our members with excellence.
We are Grateful for the Recognition: Awards Won in 2024
Top Workplace
We are honored to be named Top Workplace in Hampton Roads for 3 years in a row.
Dora Maxwell Award
1st Advantage won first place for the Doar Maxwell Social Responsibility Community Service Award for our 2024 Community Day.
Mastercard’s Doing Well by Doing Good Award
We are deeply honored to receive the Doing Well by Doing Good Award at Mastercard’s 5th Annual Community Institution Segment Awards for our 1A Community Day. This award reflects the spirit and dedication to our mission of making a difference through charitable giving, volunteer efforts, and impactful programs.
Bauer Financial Inc.
1st Advantage was honored with the prestigious five-star superior rating from Bauer Financial, Inc., the nation’s foremost independent rating service for financial institutions. This accolade reaffirms our commitment to safety, stability, and security, ensuring that 1st Advantage remains a reliable choice for our members.
Safeguard Your Sensitive Information
As our lives become more connected online, the risk of identity theft continues to grow. While it’s impossible to eliminate the threat entirely, you can take proactive steps to reduce your exposure.
A good starting point is reviewing your credit report annually at AnnualCreditReport.com, a free service
provided under the Fair Credit Reporting Act. Review the report carefully to ensure that all account details —
both current and closed — are accurate. If you spot anything unusual or suspicious, notify the credit bureaus
right away.
Staying alert to changes in your financial activity and practicing safe habits can go a long way in protecting
your information. If you suspect any unauthorized activity on your 1st Advantage account, contact us
immediately at 757-877-2444.
For more tips and tools, visit our Security Resource Center.
