Annual Report

View Highlights from the Past Year
It’s your Advantage

A Word from our President/CEO & Chairman

Paul Muse Headshot

Paul W. Muse


Slyvester McClellan Headshot

Slyvester McClellan


On behalf of the Board of Directors and management team, we extend our sincere gratitude for your membership and ongoing trust in 1st Advantage Federal Credit Union. Our commitment to enhancing the financial wellness of our member-owners remains unwavering, mirroring the dedication we’ve upheld since our inception over seventy years ago. We are delighted to announce that 2023 marked another year of success for your Credit Union.

1st Advantage continues to maintain robust financial health, with total assets exceeding $950 million in 2023. Our net worth to total asset ratio at fiscal year-end rose to 12.87%, surpassing the well-capitalized threshold mandated by our federal regulator. Additionally, in 2023, 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. 1st Advantage continues to receive positive recognition in the local community. In 2023, we were awarded three COVA Best of Readers’ Choice Awards, achieving best credit union, best mortgage company, and best financial planning company on the Peninsula Designations. In addition, 1st Advantage was named a 2023 Top Workplace in Hampton Roads by Inside Business. This award would not have been possible without the hard work and dedication of our valued colleagues. All of these honors and awards reflect our commitment to working together to secure a real financial advantage for you and your family. As we expand, we recognize that the needs of our members are also evolving. In 2023, we introduced a range of new products and services to address these changing needs. These offerings include Zelle, High-Yield Checking tailored for both consumers and businesses, as well as our Youth Spend Account. In addition, we relocated our Virginia Beach Branch from Town Center to Kemps River to enhance our members’ service experience. Click here to continue reading.

Fiscal Year 2023 Financial Highlights

  • Assets
  • Net Worth

See more financial information in the full Annual Report.

1st Advantage Federal Credit Union Foundation

At 1st Advantage Federal Credit Union 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 Federal Credit Union Foundation supports every branch of the military in the local community, guided by their motto, “Serving those who serve.”

Our Military Focus:

  • Children
  • Veterans
  • Families in need

The 1st Advantage Federal Credit Union Foundation is proud to announce the resounding success of its inaugural Pickleball Tournament, which took place on Saturday, October 21st at the Quarterpath Recreation Center in Williamsburg, Virginia. The event raised over $45,000 to benefit the 1st Advantage Foundation. The funds raised during the tournament will have a direct and lasting impact on local military families. The 1st Advantage Foundation is committed to providing crucial assistance and support to those who have sacrificed so much for our nation. The money raised will go towards essential programs and initiatives that address the unique challenges faced by military families in our community.

Pickleball game.
  • Collected over

    packs of diaper during our member shred event

  • Number of Baby Bags Distributed

    to local military bases

  • 1st Advantage Foundation Pickleball Tournament raised over

    to support local military families

New Products and Services

We recognize that the needs of our members are evolving. In 2023, we introduced a range of new products and services to address these changing needs.

We have partnered with Zelle® to bring you a fast and easy way to send and receive money with friends, family and people you know. With Zelle®, you can send money directly from your account to enrolled recipients in minutes, all from the convenience of online banking or our mobile app.

Learn more. 

The demand for financial education has never been greater. Amidst a sea of misleading information, our aim is to furnish reliable, cost-free financial guidance in a single, user-friendly platform. 1st Advantage is thrilled to present Banzai—an acclaimed financial education program utilized by countless educators and learners nationwide. Take the Banzai Courses with your family or explore the financial topics you care most about – all at no cost to our members!

Visit our Banzai Platform here. 

At 1st Advantage your money works harder for you. Enjoy the ease of a checking account coupled with the added advantage of a high-yield interest rate on qualified accounts, all without the burden of monthly maintenance fees. Make every dollar count.

Learn more here. 

Our Youth Spend Account allows you to teach your child the responsibilities of managing money that will pay off as they grow into adulthood. They are available to members 17 years of age and younger.

Parental Controls
As the parent or legal guardian, you’re the joint account holder which means you can set daily debit card limits, receive account alerts, and monitor their spending activity.

No Fees
Enjoy the peace of mind knowing your child will not be charged monthly service fees or overdraft fees.

Learn more here.

Providing Digital Education to the Community

At 1st Advantage, supporting our communities also means supporting our students. Together with EVERFI, a leading education technology company, we were able to bring a digital-based financial education program to 2,221 students for a total of 8,557 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.

Prior to the start of the program, students took a financial education assessment. At the end of the program, another assessment was given and showed that students had increased their scores by 30%! Our learners saw the most gains in the areas of credit & debt, insurance, and budgeting.

1st Advantages’ partnership with EVERFI 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.

High school girl holding notebook and pencil

2022 / 2023 School Year 

  • 2,221

    students received a digital-based financial education

  • 12


  • 8,557

    hours of learning

Safeguard Your Sensitive Information

Our social interactions and business transactions are increasingly digital, meaning identity theft is a serious concern everywhere. There’s no way to avoid the threat of ID theft completely, but there are ways to protect yourself. Preventing fraud starts by requesting your credit report every year through, as allowed by the Fair Credit Reporting Act. Analyze it to make sure all of the information about your active and closed accounts is accurate. If you see anything troubling or suspicious, report it immediately to the credit bureaus. Be vigilant about your account activity and follow these guidelines to safeguard your personal information. If you believe your 1st Advantage account has been compromised, call us immediately at 757-877-2444.

Check out our Security Resource Center for more information.

Women on cell phone with warning sign.

Community Impact & Sponsorships

While most financial institutions were closed for the Columbus Day holiday, 1st Advantage colleagues rolled up their sleeves and participated in their 16th 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. 1st Advantage is humbled and honored to partner with these deserving organizations as they continue to selflessly provide for our neighbors. In addition, colleagues completed various projects for other nonprofit organizations off-site including Thrive Peninsula, Victory Family YMCA, Virginia Peninsula Foodbank, and the Kempsville Health & Rehabilitation Center.

Read more here. 



Group photo of 1st Advantage employees at Shred-It event
  • Donated

    to the community

  • Colleagues donated
    111 hours

    of community service to our local area

We are Grateful for the Recognition: Awards Won in 2023

Top Work Place in Hampton Roads logo

Top Workplace

We are honored to be named Top Workplace in Hampton Roads for 2 years in a row.


CoVA Best of Winner 2023 logo

Coastal VA Best of Reader’s Choice

1st Advantage was recognized as the Best Credit Union and Best Financial Planning Company on the Peninsula by Coastal Virginia Magazine Best of Readers Choice Awards.



Virginia values veterans logo

Virginia Values Veterans (V3)

Virginia Values Veterans (V3) is a groundbreaking program administered by DVS that works with companies as well as state and local governmental agencies across the Commonwealth to promote the recruitment, hiring and retention of military veterans in the Virginia workforce.



2023 Bauer Financial 5-Star Rated logo

Bauer Financial Inc.

We’re proud to have earned Bauer Financial Inc.’s (BFI) 5-Star Rating, an honor reserved for credit unions that receive an excellent or superior rating for 11 consecutive quarters.