Banking and finance roundup: Credit union CEO retires, Bank of America boosts nonprofits

By: Pete Humes
Inside Business, June 3, 2016

Virginia Beach Schools Federal Credit Union CEO to retire

Sally W. Fontenot, CCUE, is retiring as president and chief executive officer of Virginia Beach Schools Federal Credit Union. Fontenot started with VBSFCU in 1981 as a collector. She became president and CEO in 1996 and will retire June 30.

According to a release, Fontenot has overseen the building of the credit union’s main branch and two additional branches, and she has helped grow assets from $25 million to $95 million.

Current Executive Vice President L. Brian Clark, CCUE, will serve as president and CEO of VBSFCU starting July 1. Clark joined VBSFCU in 2001. In addition to being a Certified Credit Union Executive, Clark earned his master’s degree in Business Administration from Old Dominion University.

Bank of America awards $127,000 to local nonprofits

Bank of America recently announced that it will give $127,000 to 16 nonprofits working to increase educational and workforce development opportunities in Hampton Roads. The nonprofits focus on connecting youth and adults, including the unemployed and under-served, to skill-building, education and job opportunities.

“By partnering with organizations like Opportunity Inc., Hampton Roads’ Workforce Development Board, we’re connecting young people in the community to opportunities that can prepare them to lead more financially secure lives,” said Charlie Henderson, president of Bank of America, Hampton Roads market.

Opportunity Inc., one of the nonprofits receiving a grant, will use the funding to help operate its Youth Career Center. The center provides workplace readiness training, mentoring opportunities, career exploration, and job preparation, while also emphasizing financial literacy education to youth and young adults ages 14 to 24.

Other organizations receiving grants include: Access College Foundation, An Achievable Dream, Big Brothers & Big Sisters Services, Chesapeake Services Systems, Communities In Schools of Hampton Roads, Girl Scouts of the Colonial Coast, Governors Magnet School For The Arts Foundation, Hampton University, Horizons Hampton Roads, Hampton Roads Educational Telecommunications Association, Nauticus Foundation, Rita Welsh Adult Literacy Program Inc., Thomas Nelson Community College, Tidewater Community College Educational Foundation, and United Way of South Hampton Roads.

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Email banking and finance tips to Inside Business writer Pete Humes at pete.humes@insidebiz.com or call him at (757) 222-5356.