Credit Union Picks ‘Aventa’ as New Moniker
Colorado Springs Credit Union has changed names and become Aventa. The credit union Nearly 40% of the credit union’s membership no longer lives in Colorado Springs, so it was time for another new name, credit union officials said.
The board of directors wanted a name that would be “inclusive and welcoming to the people and communities up and down the front range,” said Sarah Ryals, CMO/Aventa, in an interview.
The Aventa name is coined (meaning it’s made up), but it’s meant to reflect the local Colorado Springs culture.
“We like the free-flowing and open nature of the word Aventa.”
– Sarah Ryals, CMO/Aventa
“We like the free-flowing and open nature of the word ‘Aventa,’” Ryals continued. “We can create the brand behind the name.”
The entire process — from the decision to change names to when signs were changed out — took two years.
Weber Marketing Group was brought in as naming partner for the project.
There is currently a federal trademark application on file for Aventa with the United States Patent & Trademark Office. There is no trademark currently pending under the USPTO’s financial services category for the credit union’s new slogan, “The Common Thread.”
Established in 1957 to serve utilities employees, Aventa Credit Union now has $125 million in assets and 17,000 members.
Aventa Credit Union Website
The credit union was able to pick up the URL aventa.com, which will aid them greatly
when it comes to marketing. The black banner says, “My tats are permanent and so is my
commitment to my community. I expect that from where I bank, too.”
In-Branch Brand Display
“The fabric of a community is woven from a common thread, not red tape.”
Product Displays
Online Banking: “The common thread has gone wireless.”
Savings: “The common thread means we all earn a little more.
Home Loans: “I love my house and my community, but I can do without the red tape.”
In-Branch Brand Display
“In financial times driven by taking care of number one, we’d like to propose taking care of one another.”
This article © 2012 by The Financial Brand and may not be reproduced.
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With news this week about Billings, MT-based Avanta Credit Union changing its name due to pressures from Advanta Bank Corp. – claiming that the Avanta name infringed on the Advanta trademark, it will be interesting to see if the name Aventa leads to a similar situation.
Here’s a link to the article about Montana-based Avanta:
http://tinyurl.com/mbvbxn
It’s somewhat surprising and discouraging to see that a financial institution would adopt a ‘coined’ name – which we usually see developed as means to help differentiate an institution – that only differs by one letter from an already established institution.
For Aventa’s sake, hopefully the trademark process goes well – especially after a two year process.
The USPTO looks at things like phonetics. Avanta sounds a lot like Advanta. They also look at the meaning of the word. Avanta and Advanta are both drawn off the word “advantage.”
The difference between Aventa and Advanta seems significant enough — in terms of their phonetics, construction and meaning — that the USPTO will likely approve the application for Aventa. There are two other companies using the Aventa name with trademarks on file with the USPTO, but they are both in other industries (there are almost no truly unique names that no one is using somewhere in the world). From the USPTO’s perspective, only trademarks in the financial services category (International Class 036) have any bearing in their evaluation.
The USPTO has approved trademarks for Advantage, Advanta and other similar names, which gives some insight into their examination criteria. There are also other companies who have trademarked the Advanta name in other industries.
It’s important to note that Aventa’s trademark application is for the full phrase “Aventa Credit Union” and not just the word “Aventa.” It may not seem important, but to the USPTO it is — there are technicalities that matter.
It’s also interesting that the Advanta vs. Avanta case never went to court. It sounds like Advanta fired off a cease and desist, and that Avanta chose not to challenge their request.
Disclaimer: I’m not an attorney, and none of this should be construed as legal advice. Anyone with trademark questions is encouraged to seek the counsel of an experienced trademark attorney.
I do not wish to close my account with your credit union however, it is difficult to get to Colorado Springs to do business. Where in the Denver area can I go to make a deposit so my account remains active?