Noteworthy: Use of the expression “Y&F” is widely recognized now as CU industry shorthand for “Young & Free.” It’s a good thing when people talk about something so much that they feel the need to shorten it.

It will be interesting to see if Y&F becomes so popular in Alberta that members start using the abbreviation. The credit union shouldn’t push the shortened form of the name on the public, however. If it happens, it should happen naturally, as it did in our intra-industry conversations.

And the credit union hasn’t contacted me yet about a naming project or name evaluation, but I’ll keep my fingers crossed

The entire story provides big picture insight for CEOS and board about the future of credit unions, strategic planning and remaining relevant to members. We are doing a ton of merger communications work lately: message creation and strategic communications plans – even for the father of a famous blogger.

I predict we will continue to see more merger of equals, watch credit unions $250 million-$600 million in the US adopting the Desjardins model and even franchising. I can think of no less than 20 credit unions in a fleeting thought on this subject. And the franchising is something State Employees, CUDE Mike Banks is speaking about and the CUNA Membership Growth Task Force is looking at to encourage credit unions to make budget choices that cut back office and put more money into marketing and educating consumers.

Lots of new names will be needed, Jeff… That is, when it is right for the members and if the credit unions can communicate the sensitive topic effectively to both boards, employees, members and communities.

Young & Free Alberta is intended to be a flagship program for the new entity. In fact, because of Y&F and other innovative initiatives at CWCU, Common Wealth was treated as an absolute equal partner in the merger (seats on board, etc.), even though they were a very distant third in size. Jeff Mulligan is the #2 person in the new organization and has been charged as the key driver behind all things innovation and harmonization. Marketing reports to him.

Why did they merge? The biggest reason is impending legislation in Western Canada that will allow CUs to operate across provincial borders. With Vancity at 14 billion and Coast Capital at 10 billion in neighbouring BC plus the government run Alberta Treasury Branch (ATB) that is 30 billion and looks and acts like a CU, you will see some major competition coming when this is passed mid-2008.

This was not a merger of desperation, this was a merger to prepare for the future. Members voted at 98% approval. All three entities are doing extremely well.

On a side note, Currency is actually the trademark and license holder of the whole program and Common Wealth is our founding partner. Young & Free’s future looks really, really bright. I’ll leave it at that!

I’m disappointed that on the heels of Common Wealth’s extremely successful “Young & Free Alberta” initiative, that they would be involved in a merger. From afar, it seemed like they had such a good thing going a merger would have been the last thing they desired. Hopefully this will better serve their members, but feels to me like a brand, and morale, atom bomb.

What good would a member vote be? Obviously, the members of the bigger credit union will have a much more powerful say (theoretically leaning toward selecting the larger credit union’s name).