Guam Credit Union Becomes Coast360
The credit union set its logo ablaze at a special event for members and staff where the name was unveiled. (Photo credit: Rick Cruz/Pacific Daily News).
Like many credit unions that expand with a community charter, Government of Guam Employees Federal Credit Union found that its original name no longer represented the organization’s field of membership, which includes anyone who lives on the island. At 43 letters and 15 syllables, it was a real mouthful. After changing names to GGEFCU, the credit union realized that the acronym strategy didn’t work any better for them than the dozens of others who try it every year.
The credit union wanted something new, something fresh and different, so it partnered with the financial naming experts at Weber Marketing Group to develop a name that was “more inclusive and welcoming.”
“After reviewing over 70 possibilities, GGEFCU chose the name Coast360,” the agency said. “Coast360 reflects the island they serve and the inclusiveness they espouse. Coast360 is about unity and working together to help people thrive.”
“This is not an easy thing to do. It’s hard to change a name that you’ve been calling yourself for the past 45 years,” credit union president John Arroyo told Guam’s KUAM. “This credit union has embarked on a new journey. We’ve been reborn. We’ve come full circle.”
Joseph Aguon, one of the credit union’s founding members, said it doesn’t matter to him what the name is “It is the people behind it,” he told the Pacific Daily News.
“Now, we don’t allow just a few people, but the whole island. That’s why we changed it to Coast 360, so that we can accept all the people of Guam,” Aguon said. “I am very happy that I can witness the growth of the institution.”
This is the first name change The Financial Brand has seen in years where there is almost no complaints or outrage over the new moniker to be found anywhere online. None of the news stories about the name change contain the vitriolic comments frequently seen whenever credit unions change names.
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It’s pretty interesting that they selected such a non-traditional name, yet were met with little (if any) negative feedback. Great story!
Thanks,
Ian
Thanks for posting this. It is nice to see that you can change your name and not have the negative press. Perhaps the change coupled with the fact that they can show “entire island” inclusiveness in an easier way than before just seems to click with their membership. Maybe when you live and work on an island, even for the government, you kind of understand that island-togetherness trumps any of those exclusive sentiments.
I would have to think that the unique geography involved has to have had something to do with it. Plus, there is the fact that it is a pretty cool name that I think feels pretty natural for their neck of the woods and they obviously took the time to get buy-in. Looks like a fun beach party that I would like to have attended!