In the fall of 1938, President John Manuel Gandy requested the establishment of a Federal Credit Union at the Virginia State College, from Superintendent Sidney B. Hall, of the Department of Public Instruction. At a staff meeting on October 19, 1938, President Gandy announced that authority had been granted to proceed to establish the credit union. On January 23, 1939, an organizational meeting was held presided by President Gandy. It was stated that the organization would be known as the Virginia State College Federal Credit Union and would be composed of teachers and employees of Virginia State College.