RVA Financial was organized on August 23, 1950 as the Richmond, Virginia Municipal Federal Credit Union to provide financial services to employees of the City of Richmond. The National Credit Union Administration approved the charter the following month, and the first membership meeting was held on September 14, 1950.

During its history, the credit union has operated in a variety of locations beginning with the basement of the old City Hall on West Franklin Street. In 1982, after having had a total of six homes, the credit union relocated to the 16th Floor of the City Hall Building to an office that remains operational today.

In 1984, the first branch was opened in the Schools Building near the home of the Atlanta Braves Triple-A farm team at The Diamond. In the spring of 1989, the credit union opened a brand-new replacement location at 1700 Robin Hood Road to serve as the head office, now known as the Thomas J. Amiss Credit Union Center. At the same time, the name of the credit union was changed to VaCap Federal Credit Union to reflect the fact that membership eligibility had been expanded to include employees of entities other than the City.

In March 1991, Richmond Memorial Hospital Credit Union and their 2000 employee membership was merged and less than a year later, the local credit union for Kraft Foods joined VaCap. In 2007, the name VaCap was changed to New Generations.

In 2017, with a desire to return to our roots and serve the City of Richmond, we changed our name to RVA Financial. Today, RVA Financial serves over 13,000 customers, referred to as members. Our members each own a piece of the credit union and have a say in its operation as a non-profit financial cooperative.

RVA Financial is wholly-owned by our members and open to those who are: employees of the City of Richmond, VA; employees of the Richmond School Board in Richmond, VA; employees of the Capital Region Airport Commission; employees of the Richmond Redevelopment & Housing Authority who work in Richmond, VA; and employees/members of American Consumer Council in San Diego, CA.  Additionally, the immediate family members of these eligible individuals are also eligible for membership.