In no other industry do companies change names more often than in financial services. It’s not just due to mergers. Banks and credit unions voluntarily choose to switch monikers quite often. Below are some of the elective name changes financial institutions in the U.S. underwent recently.

Credit union sheds a common name

Old Name: Community First Credit Union
New Name: Magnify Credit Union

Reason: The credit union offers no real explanation, although it says the new name “reinforces our fresh, new focus,” which seems to be built around a slogan, “Simplify banking. Magnify life.”

Analysis: It was smart to make the switch. 525 credit unions are using “Community” in their name. Another 179 use “First.” These are two of the most commonly used in credit union names (see the full list here). There are eight other credit unions using the exact name “Community First,” including one with over $1 billion in assets in the same state.

The new “Magnify” name has positive financial connotations and appears to be available in the USPTO database in the financial services category, which is unusual for such a common, real word. The credit union has applied for trademarks on both its name and its slogan.

Score:

Transitioning beyond transit workers

Old Name: MBTA Employees Credit Union
New Name: Mass Bay Credit Union

Reason: The credit union has outgrown its single sponsor, the Massachusetts Bay Transportation Authority.

Analysis: Single SEG credit unions are becoming increasingly rare. It seems that serving one employer doesn’t suit credit unions with plans for future growth. At least this credit union trying to preserve some connection with its heritage by keeping the “Mass Bay” in its name.

Score:

Railway workers no longer driving growth

Old Name: Railway Employees Credit Union
New Name: Greater Ozarks Community Credit Union

Reason: The credit union says it wanted to make it more clear that membership isn’t limited to railroad employees.

Analysis: There was no future for the credit union if it continued to serve railroad workers exclusively, so changing names made strategic sense; they were dead otherwise. The new geographical name will probably not limit the credit union’s growth potential, and should be adequately suitable for the indefinite future. The word “Community” was an unnecessary addition, however.

Score:

Not ‘elderly’ anymore

Old Name: Elders Rural Bank
New Name: Rural Bank

Reason: A merger with two other banks presented the opportunity… but one can only assume the bank was itching to drop a crusty word like “Elders” from its name.

Analysis: Years ago, Rural Bank merged with Elders Bank. Then, more recently, Rural Elders Bank merged with Bendigo and Adelaide Bank. The less-than-sexy “Rural” name probably works well with the rugged outback Australia communities the bank serves.

Score:

We’re dedicated

Old Name: Darlington County Bank
New Name: Dedicated Community Bank

Reason: The bank says it decided to change its name and slogan as “a way of restating our commitment to our customers and our community.”

Analysis: PRO: They kept the bank’s acronym, “DCB,” by reverse-engineering a new meaning, so they don’t need to change the logo or web address. CON: The bank’s rationale sounds pretty shaky. You can “restate your commitment” without changing names. In all likelihood, the bank needed to expand beyond Darlington County, but concocted a story and picked a name that would be as painless and objectionable as possible. Too bad the new DCB name is a basically bland.

Score:

We’re cooperative… and a credit union… did we say we’re co-op?

Old Name: Puget Sound Energy Credit Union
New Name: Puget Sound Cooperative Credit Union

Reason: The credit union wanted a new name to reflect its expanded charter. It now serves anyone, not just employees of Puget Sound Energy.

Analysis: It’s an interesting choice to add the (redundant) word “Cooperative” to the name, as 36 other credit unions have also chosen to do.

Score:

Big brands cause credit union naming complications

Current Name: EDS Credit Union
New Name: InTouch Credit Union

Reason: EDS (the company, not the credit union) was purchased by Hewlett-Packard a while ago. Also, sources suggest that EDS lawyers requested the credit union divorce its identity from the corporation.

Analysis: The credit union had been discussing new names internally for over four years, so the move comes as no big shock. EDS probably gave the credit union a heads-up a few years ago by saying along the lines of, “Hey, would you please change your name at the next/earliest opportunity? Thanks!” Hewlett-Packard probably plans on killing the EDS brand sometime soon, so this eliminates one part of the EDS legacy.

Credit unions like those affiliated with big brand names like John Deere and Weyerhaeuser have been asked to change names. It has nothing to do with trademark infringement and lots more to do with bigtime corporate lawyers zealously protecting their clients brand names. It doesn’t appear that there was any pressure from EDS for the credit union to change names, nor does it seem the credit union bears any grudge.

InTouch appears to be available at the USPTO’s online trademark database. The name, however, has the waft of presumption: “We’re in touch with [you, reality, our feelings].” Any member with a gripe will be tempted to lob the obvious insult: “You guy think you’re ‘InTouch?’ You’re outta’ touch!”

Score:

No, we are not the Bank of Canada

Old Name: Canadian State Bank
New Name: Bank of Commerce

Reason: 1.) People were confused. Based in the Yukon’s Canadian County, the bank routinely received the type of questions that would normally be asked of a state-run government bank. 2.) The bank may someday consider opening branches outside of Canadian County.

Analysis: The name is about as boring and as common as they come in the financial industry, which will create online search issues. At least Canadian State Bank sounded Big and Important. Fortunately, it’s in a rural area where everyone knows all the available financial players.

Score:

From one community to three cities

Old Name: Kennewick Community Federal Credit Union
New Name: Tri-Cities Community Federal Credit Union

Reason: The credit union expanded its charter to include additional counties.

Analysis: Geographical names are only good for one thing: clearly defining your target audience. But what happens when you grow? You have to change names… which is exactly what this credit union will have to do — again — if it ever grows beyond the “Tri Cities” region. Also, the pairing of the singular “Community” with the plural “Cities” is a little awkward in the name. What does the credit union gain by adding the

Why are there five “branches” in a logo for an organization named “Tri-Cities Community?”

Score:

State charter means bank is no longer ‘National’

Old Name: First National Bank of Montana
New Name: First Montana Bank

Reason: The bank switched to a state charter, so it dropped the grandiose and inaccurate “National” from its name to reflect the bank’s focus solely on Montana.

Analysis: Sure, there are legal requirements when you switch charters, but it’s expensive to change names, whether you change the whole thing or just drop a single word. Hopefully the advantages of having a state charter outweigh the expense and disruption.

Score:

Members from hydro plant evaporating

Old Name: Bangor Hydro FCU
New Name: Changing Seasons FCU

Reason: The Bangor Hydro Electric Company had been “down-sized,” so the credit union had to get a community charter and new name.

Analysis: The credit union said it picked the new name because “we want our members to know that we are here for you in all the seasons of your life.” But some people are uncomfortable with life changes, preferring stability over fluidity. And how will Seasons FCU in Connecticut and Four Seasons FCU in Alabama feel about a credit union in Maine picking a similar name like “Changing Seasons?”

Score:

For all life’s needs

New Name: LifeStore Banking Insurance
Old Name: AF Bank

Reason: The bank sees itself as something more grand than just a mere financial institution. It wants to be a “retail store for life.”

Analysis: This is the 15th name change the bank has undergone in its 70-year history. That’s a new brand consumers have to become familiar with about ever 4-5 years. This latest name is certainly distinct, but it’s somehow strange. It feels more appropriate for a New Age bookstore than a financial institution. While the name may reflect the bank’s brand strategy (something about how money intersects with people’s “life stages” and “life plans”), one can’t help but wonder if there wasn’t a more subtle way to make this connection in a name.

Why is the word “Life” so crudely rendered in the logo? Will the bank’s branches look like “retail stores? Or will they look more like regular bank branches?

Score:

Trouble brewing on ‘River Bank’

New Name: RiverBank
Old Name: Lawrence Savings Bank

Reason: The old name was geographically limiting. The bank says it is “honoring its past” by picking a new name alluding to the Merrimack River Valley it has served for the last 138 years.

Analysis: There could be big trouble brewing. There is a River Bank & Trust in Alabama that has held a USPTO trademark since 2007. It doesn’t matter that Alabama and Massachusetts are miles apart. Nor does it matter that the names may be spelled a little differently.

Federally registered trademarks cover the whole country, and infringement suits address consumer confusion. If the Alabama bank presses the issue, they will probably prevail.

Score:

Trademark infringement lawsuit…16 years later

New Name: TBD
Current Name: MidFirst Credit Union

Reason: MidFirst Credit Union in Ohio may lose a pending trademark infringement lawsuit recently filed by MidFirst Bank in Oklahoma.

Analysis: A quick check by Armco Employees Credit Union at the USPTO website back in 1994 would have stopped them from picking MidFirst as their new name in the first place. The search would have shown that MidFirst Bank holds four separate federally registered trademarks for “MidFirst” with the USPTO, with one dating as far back to 1987. Of course, the courts may wonder why it took Midfirst Bank 16 years to file suit.

Two credit unions merge, new name needed

New Name: TBD
Current Names: Australian Central Credit Union, Savings & Loans Credit Union

Reason: The second- and third-largest credit unions in Australia are merging. They have already decided they aren’t going to keep either name going forward.

Analysis: This is a solid strategic decision. Neither name is distinct nor worth retaining. More importantly, if one credit union’s name survived, members of the other credit union would feel inferior, as if their credit union was taken over. Whenever similarly-sized organizations merge, a new name should always be considered.

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.

30-SECOND TV SPOT

NEW WEBSITE DESIGN

MARKETING COLLATERAL

Yesterday’s article about the archaic credit union term for checking accounts (“share draft accounts”) sparked a wider debate about the very future of what checking accounts should be called. As Bryan Link with Brightleaf Financial wonders, “The name ‘Checking Account’ implies its main purpose is writing checks, although for a growing segment this account is mainly for automatic drafts and debit card transactions.”

Key Questions:

• If fewer and fewer people are using checks, why are they still referred to as checking accounts?
• If the trend towards paperless payments continues and you look ahead 15-20 years, how many people (regular consumers, not businesses) will still be using checks? For that matter, how many people will still be using cash?
• When will paper checks become obsolete? When that happens, what will checking accounts — as a category of financial products — be called?

Are ‘checking accounts’ obsolete?

As more financial institutions respond to people’s environmental concerns, and as they increasingly shift consumers to online channels, they’ve renamed their checking accounts accordingly:

• e-Checking
• e-Account
• Green$ense
• Greener Choices Checking
• Totally Green Checking
  (where you get your first box of checks free)

Key Question: If you offer a “green” checking account, why would you offer checks? In which case, why would you call it a “checking account” at all?

Some of the new names proposed for checkless checking accounts include:

• Debit Accounts (suggested by Ron Shevlin, senior analyst with Aite Group)
• Transaction Accounts
• Spending Accounts (suggested by Tim McAlpine from Currency Marketing)
• Cash Accounts (suggested by Brent Dixon, a financial marketing/design wizard)
• Virtual Accounts (suggested by Carla Day from CU Chat Up)

Further Discussion: What do you think? What suggestions do you have for the future name of “[Checking] Accounts?” What terms do financial institutions in other parts of the world use? Will people still refer to them generically as “bank accounts” no matter what name they’re given?

Callahan & Associates, the credit union industry’s leading analytics firm and publishers of CreditUnions.com, have just released their 2010 Credit Union Directory. Comparing this year’s directory against last year’s, The Financial Brand has noted 75 substantive name changes.

Some of these name changes may be due to mergers, but most frequently, credit unions change names for one of these three reasons:

1. The credit union’s primary sponsor has disappeared, or dwindled to such a point that it can no longer sustain membership.
2. The credit union feels its name is geographically limiting and/or exclusive to certain types of people (e.g., teachers).
3. The credit union can no longer use another organization’s brand name. This is typically triggered by a request from the primary sponsor’s lawyers, but sometimes by another financial institution asserting trademark rights.

From this year’s new names:

• 11 credit unions included the word “Community”: Arlington Community, Champion Community, Community, Community Driven, Memberfocus Commmunity, My Community, NMTW Community, Prestige Community, Total Community, Valley One Community and Vue Community.
• 7 reduced their names to acronyms: CEFCU, CSE, MaPS, MCT, ME/CU, NMTW and USE.
• 7 are coined names: Altana, Aventa, Cinfed, Genisys, Meritrust, TruStone and Vue Community.
• 3 use the number “one”: Alabama One, Metro 1 and Valley One Community.
• 3 credit unions ditched the word “First” in their name, while one put it in: University First.
• 2 credit unions used alphanumeric constructions: Med5 and Metro 1.

It might be time to update The Financial Brand’s list of The Top 50 Most Distinctive Credit Union Names. Which ones do you think belong in the list?

Further Reading: Anyone in the financial marketing arena should know “How to Look Up a Financial Trademark in 10 Easy Steps.” And here are some of other stories about credit union name changes as reported here at The Financial Brand:

• The do’s and don’ts of CU acronyms
• The ‘Community Credit Union’ fallacy
• The most common words in credit union names
• What does ‘Federal’ do for FCUs?
• From “America’s who?” to “ACU who?”
• Advanta forces Avanta to become ‘Altana’
• Credit union picks ‘Wildfire’ as new name
• Two credit unions merge to create ‘Genisys’
• Credit union completes transformation to ‘Centric’
• Credit union picks ‘Aventa’ as new moniker

Also, please contact The Financial Brand for your copy of “The Credit Union Guide to The Name Change Decision,” a comprehensive, 33-page analysis of the strategic renaming issues that apply to any financial institution considering a name change.

In response to an aging membership and a decaying telephony industry in Michigan, Communications Family Credit Union announced on Monday that it is changing names and is now Wildfire.

“With any name change, there’s kind of a shock to it.”
– Timothy Benecke
President and CEO
Wildfire Credit Union

“In the last few years, we have found that the Communications Family Credit Union’s name has created some confusion as to who can join,” Timothy Benecke, President and CEO/Wildfire, wrote in a letter to members. “Even though we are a community charter, our name has given the perception that our membership is still exclusive to the communications industry.”

With its recent community charter, anyone in seven counties can join the credit union.

“We wanted something that was short, memorable and distinctive,” Benecke told the Saginaw News.

Old Logo/New Logo

“Conventional credit union names follow a ‘who’+'where’ pattern, a formula that describes the geographic market and industry served,” noted Karen McGaughey, VP Client Services/Weber Marketing Group, the agency who served as the credit union’s renaming parter.

“Many credit unions find these names limiting names and outgrow them, which was true for the old Communications Family name.”

“The name Wildfire is a distinctive name that busts financial naming conventions that many financial institutions follow,” McGaughey added.

“This decision emerged from many months of research and evaluation under the leadership of our Board of Directors and executive team,” Benecke said. “Through this process, we have conducted research with credit union members, community members and credit union staff.”

In his letter, CEO Benecke reassured members that the credit union was well-capitalized, and that the name change had nothing to do with a merger.

People’s reactions to the Wildfire name span a very predictable range of human psychology, seen in almost every renaming situation — not just in the financial industry. The Saginaw News online article about the Wildfire name change has received some 50 comments since Monday. Some of the more provocative observations include:

• You bring in a national advertising firm and this is what they give you?
• I like the name…stands out and different from the rest!!
• Was the name ‘Earthquake Credit Union’ already used?
• Sounds like a steak house.
• I wonder if the marketing firm did a focus group?
• They probably paid this marketing firm $20,000 or more to come up with the name. But lets not blame them, since they offered 40 choices. That [Wildfire] couldn’t have been the best (or worst) one.
• I think the name is different, fresh.
• I will be in tomorrow to close my account.
• You are ashamed to belong to a credit union because of a name?
• Lighten up punkins, there are other things to get more worked up about…

“Everyone’s a critic,” said Mark Weber, CEO/Weber Marketing Group. “It’s the same thing as saying names like Verizon, Kinkos and Wii are stupid.”

Reality Checks:

• There is no new name that will please everyone.
• Anyone can make fun of any name.
• New names aren’t picked to resonate with historical target audiences. They are picked to appeal to future generations, looking 10-20+ years out.
• People are comfortable with what they know, and they generally hate change — it scares them.
• Name changes are subjected to a level of scrutiny and ridicule that startup organizations never endure.

What if a place like BooksOnline.com tried to become Amazon.com? What if the Java Stop tried to become Starbucks? People would scream and spew all sorts of nastiness. They would draw biased comparisons between the old- and new names, dwelling on the “obvious superiority” of the original. Then, like kids in a school yard, they’d make fun with jests and jabs: “Ewww look, it’s Icky Vicky.”

When Weyerhaeuser Employees Credit Union became Red Canoe back in 2006, the first story the local paper ran on the name change drew so many fiery comments — some 350 or more — that the paper ran a second story about the outpouring of comments the first story received. And then the second story got another 250 reader comments.

Red Canoe may have received “a boatload of ridicule.” But, Weber points out, the credit union “had is best growth year ever after strong initial weeks of media and blog attacks.”

Three years later, Red Canoe Credit Union is now an accepted- and well-respected fixture in the communities it serves.

Wildfire is a courageous choice, no doubt. Some may argue the name lacks relevancy, but at least it isn’t an acronym, nor does it try to squeeze in the word “Community.” It is unique, memorable and legally available in the financial industry.

And sometime soon, today’s fuss over the name will be forgotten.

Further Reading: Please contact The Financial Brand for your copy of “The Credit Union Guide to The Name Change Decision,” a comprehensive, 33-page analysis of the strategic renaming issues that apply to any financial institution considering a name change.

:30 TV Spot

Brochure Series

Print Ad Announcing Name Change

Branch Merchandising

America’s Credit Union went out and did some brand equity research.

“We asked if people had heard of us,” said the credit union’s marketing director, Heidi Marzolf, in an interview with the News Tribune. “The response was ‘America’s who?’”

So the credit union is changing names, and will now be known as “ACU.”

Reality Check: Sure, America’s Credit Union isn’t the most distinctive name in the credit union industry, and awareness of the name may be low in the marketplace, but changing to ACU doesn’t fix anything. It’s the same problem, the credit union just gave it a new name. Actually, this makes the problem worse. The credit union went from limited name awareness to zero name awareness. They are starting from scratch. And what about the 35,000 existing members who knew the credit union by its former name. What questions will they have?

The Financial Brand has previously noted the pitfalls of credit union acronyms, and ACU is no exception. Acronyms are stiff and corporate. They lack personality. They aren’t distinctive. And they are easily confused with all the other ACUs out there, which becomes a serious issue with search engines like Google. There’s ACU (Abilene Christian University), ACU (American Conservative Union), and ACU (Army Combat Uniform), to name a few. The last one presents the biggest problem, since the credit union’s membership is primarily Army personnel stationed at Fort Lewis. It might have been clever if the connection with Army Combat Uniforms was deliberate, but it isn’t.

NEW/OLD LOGOS

Heidi Marzolf, the credit union’s marketing director, said, “We wanted warm up our color palette and our logo and really have that reflect the credit union. The new logo is done in soft orange and burnt red, in a combination recalling perhaps an African sunset.” Notice the slightly cantilevered “c” in the new logo.

BONUS – TV SPOTS

The credit union will be introducing its new moniker in a series of TV spots starring various members of a woman’s roller derby team. Why? There are four spots: “Pain Goodall” (above), “Vicious Divalicious,” “Franky Bones,” and “Cookies.”

Key Takeaway: Having low name awareness does not mean you need a name change. It definitely means, however, that you need more marketing — specifically things like advertising and sponsorships.

The credit union said it wants a brand look-and-feel that is “technology-oriented, friendly, fast,” yet they choose colors from “an African sunset” for their logo, and produce TV spots with a retro-throwback from analog times — a roller derby team? Does any of this make sense? How does all this fit within a cohesive brand strategy?

Bottom Line: Going with America’s Credit Union probably seemed like a smart idea at the time, but they could have dodged a lot of problems had they picked a more distinctive name. Now the credit union is compounding its problem, and the costs in terms of money and lost time are immeasurable.

Note: There is another America’s Credit Union in Texas.

Bank trademark trumps credit union

The erstwhile Laurel Federal Credit Union is being forced to spend more than $80,000 changing names — again — five years after becoming Avanta FCU. Last year, Advanta Bank in Utah, enforced its federally-registered trademark on the word “Advanta” by giving the Montana-based credit union one year to change names or face a lawsuit.

“We thought we’d done due diligence before, but the attorney said it is close enough and you won’t win,” said Tracy DuFresne, VP of HR and Marketing for the credit union, in an interview.

Advanta Bancorp has held a federal trademark on Advanta since 1987.

The shift to Altana becomes official on July 1. The credit union says the bulk of the $80,000 cost will be spent changing the signs inside- and out on its seven branch locations.

Key Question: What about lawyers’ fees? And five years after becoming Avanta, won’t everything need to be replaced — debit cards, credit cards, business cards, forms, brochures, website, merchandising, etc.? Doesn’t that sound more expensive than $80,000?

Indeed a name change is no small undertaking. “It’s massive. We have different people in different areas taking care of this,” credit union CEO Rhonda Diefenderfer told the Billings Gazette.

The credit union received permission from the state and the NCUA to switch from Laurel FCU to Avanta back in July 2004.

Reality Check: Just because the NCUA or your state’s financial division says it’s okay to use a name doesn’t mean you won’t get sued. Their evaluation of a name includes only a limited and superficial look at similarities with competitors.

Oddly, an AP article on the story mischaracterizes the situation as a “patent dispute.” Patents, while issued from the same federal agency as trademarks, protect processes and inventions, not brand assets. This is purely a trademark issue, and patent law doesn’t have any bearing on the case.

“My advice is to work with a professional patent attorney.”
– Rhonda Diefenderfer,
CEO/Altana

No fewer than five different stories on the snafu appeared in the mainstream media following the credit union’s announcement at its annual meeting last weekend. Despite all the coverage in the last week, there was no message, update or press release regarding the name change on the credit union’s website.

Avanta – V + L = Altana

Presumably, the credit union chose Altana because it was the name that was legally available that most resembled the Avanta name. The new name is what’s known as a neological- or “coined name,” and has no literal meaning.

“Out of more than 300 names, we gave 90 to the attorney,” said Rhonda Diefenderfer, president of the credit union. “Maybe four names survived in her formal search process.”

Key Questions:

• How will members react to a second name change in five years?
• Will people feel the board and management bungled the first go-around, or will they feel a big, bad bank from Utah needlessly picked on a small Montana credit union?
• What will members think of a coined name that (somewhat subjectively) looks like a misspelling of Atlanta?

The credit union has applied for a federal trademark for its new name.

There is another Altana, a chemicals and coatings company in Germany, but they don’t represent any threat to the Montana-based credit union.

altanacu.com and altanacu.org were both registered the 10th of June. They currently point to they credit union’s website at avantacu.org.

Altana FCU has over 22,000 members and around $200 million in assets.

Key Takeaway: It’s almost impossible to find a real word that isn’t already trademarked in the financial industry. Coined- and unconventional names are the safest path. Not only are you more likely to end up with a unique, differentiated name, you will likely dodge a mountain of legal nightmares. Unfortunately in the case of Avanta, the coined name they picked was too close to something that was already trademarked.

Bottom Line:

• This is the most expensive branding mistake financial institutions make. And they make it over and over and over and over and over and over.
• Learn how to look up trademarks at the USPTO. It’s easy.
• As Diefenderfer puts it, “My advice is to work with a professional attorney.” There is no substitute.

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.”

Last year, Forest Kraft Credit Union changed names and became Centric. The credit union was looking to appeal to a broader segment of the community by differentiating themselves in a crowded financial market with a unique name. Furthermore, the credit union wanted to dispel the assumption that it was only open to employees of Forest Kraft. The name change process took over 11 months from conception to official roll out. Now, a year later, the transformation is complete.

Centric contracted with LEVEL⁵ for its strategic consulting, real estate, integrated design, construction management and branding. LEVEL⁵, a consulting and facilities development firm specializing in financial institutions, worked with the credit union on a strategic plan focused on the best opportunities to reflect the credit union’s philosophy, approach and budget.

Centric and LEVEL⁵ also partnered with Sky Design for the rebranding and identity redesign. “It was a collaborative process between all three parties,” Greg Allen, Director of Marketing/LEVEL⁵, told The Financial Brand.

LEVEL⁵ then implemented the new brand into Centric’s branch environments.

The Financial Brand wrote about two other LEVEL⁵ projects last year — one story about Auburn FCU’s brand and branch revamp, and another about a modern BRANCH DESIGN for Delta Community Credit Union.

Centric Credit Union, based in West Monroe, Louisiana, has $83 million in assets and 11,500 members.

Old Name & Logo
Established in 1937 to originally serve the community’s paper mill employees, Forest Kraft expanded to a multi-SEG credit union in 1996 when it merged with a hospital-based credit union.

Centric Name, Logo & Slogan
The name reflects the credit union’s roots serving the lumber industry. The concentric circles of a tree serve as the inspiration for both the name and the logo. Centric’s new slogan is, “Grounded in Tradition. Growing in Opportunity.” In excess of 300 names were evaluated, from which a short list of 20 were picked. Six rose to the top and joined a priority list for the final selection process. There are currently plans to secure a federal trademark on the Centric name.

Dialog Delivery
LEVEL⁵ calls the Centric BRANCH DESIGN a “dialog delivery” layout, something that “enables employees to better serve members and handle transactions in a more retail-oriented environment rather than traditional branches with teller lines.”

New Centric Website

Bank runs into all kinds of trouble with ‘Cornerstone’

The bank said it needed to change names to expand beyond its geographically-limiting moniker. Unfortunately, the bank not only chose a common name — one that is already trademarked, and used ubiquitously by others — it “borrowed” the logo of another Cornerstone.

One customer was angry about the bank picking such a generic name, so they put a call into the bank’s CEO to get some answers. They wanted to know why the bank would put itself through the inconvenience and potential customer confusion of picking such a commonly used name.

“I expressed my concerns with him [the CEO] over the generic new name, which is shared by multiple banks across the country, but he [the CEO] said that they will be the only Cornerstone Bank in Arkansas,” the customer wrote in an online forum. “He [the CEO] did his best to try and assure me that they did all of their homework in preparing this new moniker, which they have been working on for the last year and a half.”

This one name change serves as a singular cautionary tale about the many common pitfalls financial institutions run into:

• Geographic names that make sense in the beginning can come back to haunt you when you want to expand
• You need to do your due diligence and check with the U.S. Patent & Trademark Office to make sure you aren’t picking a name that will give you a mountain of headaches
• Don’t pick a name that dozens of other financial institutions are already using
• Don’t borrow someone else’s logo — especially in your own industry, and doubly so when they share your name
• Be careful when you try to change your own name because you can create all kinds of problems for yourself (see above)
• Hire an experienced trademark attorney

FAA Eastern Region FCU becomes ‘Aspire’

“It’s time to update our name and brand to reflect our evolution and the many changes we’ve experienced over the years,” explains Thomas O’Shea, the credit union’s CEO. “Our name needs to resonate with all of our members, not just the original FAA sponsor group.”

Boeing Employees CU Wichita becomes ‘Meritrust’

The $585 million credit union — the largest in Kansas — is now known as Meritrust. CEO Bob Corwin says the name change will help end confusion about who can join the organization. Corwin believed that having the words Boeing and Wichita in the credit union’s name weren’t helpful in recruiting new members in markets outside the metro.

The formal effort to change the credit union’s name started about two years ago and included focus groups to pin down the new name, the Wichita Business Journal reports.

The credit union says sign changes at their 15 branches will be the largest cost for the project. The credit union claims its Superbowl ads touting the name change cost less than the amount needed to change out signage at its 15 branches.

The credit union has applied for a federally registered trademark on the name. Smart move.

Piedmont Aviation CU becomes ‘Piedmont Advantage’

Judy Tharp, President/CEO, said that the name change was done to “help us overcome confusion with potential new members who may believe they cannot join because we are limited to employees of the aviation industry.”

McCormick Midwest Employees CU seeks names

The credit union’s board of directors has decided that a name change would better reflect its membership. Various names are being considered. They are encouraging submissions via phone and email.

Here’s the easy way to pick a new name for your bank or credit union…and run into some serious trademark problems while you’re at it.

All you have to do is pick something from
Column A and pair it with Column B.

• First Choice Credit Union
• NewView Bank

You can also switch it up and pick something
from Column B first.

• Service Secure Credit Union
• Horizon First Bank

You can even pick just one word from either
column and just go with that!

• Sun Bank
• Advantage Credit Union

Throw in a few terms of your own (how about
“Green?”), and you can easily yield a name list
with a thousand names. “Green Horizon.”
“Greencrest.” “Greenview.”

Reality Check: Just because there isn’t already a financial institution in your area — even your entire state — bearing a name you like, doesn’t mean you can use it, nor does it prevent a trademark lawsuit.

Bottom Line: Pick a name using words like these and you run the very real risk of getting sued and having to start over. Someone, somewhere is using something similar.

The financial industry is being rocked by an unprecedented level of mergers, acquisitions and failures. You can count on a fresh batch of FDIC/NCUA seizures every Friday. Estimates vary, but it is expected that the financial crisis will claim between 300 and 1,200 banks before it’s all over. The latest prediction from RBC says 1,000 banks will fail in the next 3-5 years.

This creates ideal waters for phishing attacks. Here’s how it works:

“Dear valued member/customer,
As XYZ Financial becomes ABC Bank, please take this opportunity to update your account details. Simply click here and enter your information. We will verify your details and ensure your accounts are transferred accurately to ABC smoothly and without interruption. Thank you.”

Wells Fargo recently put a warning up on its Wells Fargo – Wachovia blog:

“The integration of Wachovia and Wells Fargo may be seen and used by online crooks as an opportunity to create fraudulent communications. By taking advantage of current business and economic changes, these scammers may trick unsuspecting consumers into sharing confidential information.”

When Bank One was bought by Chase, phishing scammers went on the attack, draining the accounts of unsuspecting customers who received authentic-looking emails.

Here’s what Sunil Kripalani, an online security expert at MicroWorld Technologies, says:

“What’s interesting here is the perfect criminal timing. When you have a big bank changing its name, naturally there’s bound to be some confusion among its customers. A naive customer might think that the security update is a part of the bank’s name changing process.”

In this article, Kripalani shares the phishing experience of UTI Bank in India became Axis Bank.

During mergers and name changes, consumers aren’t as suspicious of communications that fall outside the typical routine. Their guard is down. Some people don’t think twice about requests to update details or verify information under these circumstances.

Bottom Line: When there is an upcoming merger, name change or acquisition, take the opportunity to demonstrate that you are a tech-savvy financial institution concerned about protecting people’s privacy and money.

With a thorough, proactive communications strategy, you can enhance people’s feeling of trust — the cornerstone of every healthy financial relationship. And most importantly, you’ll help make sure people don’t fall victim to crooks.

First National becomes ‘First American’

This banks says that changing its name to First American Bank provides distinction from the many other First National Banks in New Mexico and throughout the country. But what about the First American Bank in Chicago? And the one in Iowa? And Louisiana? And Oklahoma? And Georgia? It looks like this bank in New Mexico is at least the 6th First American.

People question Norwich Union’s adoption of ‘Aviva’

Aviva bought Norwich Union a while ago, and announced last year the Norwich name would disappear. Aviva wants to consolidate all its brands under one — a singular, global Aviva umbrella.

While all of this was planned and none of it comes as any surprise, some people are calling into question the wisdom of an $18 million ad campaign to build a global financial brand — especially in this economic climate.

As one advertising columnist writes, “The irony is that at the moment the last thing the public wants is a global financial institution. It wants something that is dull and worthy, like Norwich Union and not at all sleek.”

Even the regular people of Sheffield seem to recognize this. “Re-branding is a risky and expensive business,” one person comments. “Why would any bank think it’s a good idea when there’s an economic downturn? I wonder how long it will be before they’re in difficulty.”

Members defeat ‘Grand Crossing’ name for credit union

HealthCare Plus Federal Credit Union in South Dakota gave its members a vote about whether they should change names to Grand Crossing or not. Apparently the credit union didn’t do a good job convincing members, who voted the name down. The credit union used an online voting form at their website (enlarge the image, left). The credit union still has plans to expand beyond the health care industry, and has not ruled out another attempt at name change to support its strategy.

Valley First Community Bank becomes ‘Central Arizona Bank’

When you pick a very bank-like name, it’s sure to get lost in a sea of similar-looking competitors: Arizona Bank, Arizona Federal Bank, Arizona Business Bank, Arizona Bank & Trust, Central Arizona Bank, 1st Bank Of Arizona, 1st National Bank Of Arizona and First Interstate Bank of Arizona. (Look at that list again.)

Galleria Credit Union changes names (again)

It was once known as Sun Employees Credit Union Number One. Then Sun Credit Union. Then Oryx Credit Union. Then Galleria. It’s now calling itself Prestige Community Credit Union. They say this is their “final name change.”

There are thousands of financial institutions across North America who leave some of their most valuable assets virtually unprotected. We’re talking about their trademarks — things like names, logos, slogans, products, etc.

Here’s a step-by-step process for searching the United States Patent & Trademark Office’s online trademark database to see if a name is federally protected. It takes less than 5 minutes. Every financial institution with a halfway unique name or slogan should do this immediately.

There’s a printable version of the how-to guide here on page two. There’s also a handy reference guide for all 45 of the USPTO’s “International Classes” in case you want to look up a trademark in another industry.

The most common mistakes financial institutions make happens when they change names. All too they make a costly error — one that can be easily avoided: they pick a new name that someone else in the financial industry has already federally trademarked. Time, energy, delays and headaches. All wasted. Lawyers and lawsuits. Very expensive.

If you’re considering a name change, you need to screen every name in the USPTO database using this tool first, before you fall in love with it. If another financial institution has a live trademark on that name, you’re basically out of luck, even if they’re on the opposite side of the continent.

Reality Check: If you’re looking for a name that’s available in the financial industry, good luck. Presently, there are 247,078 live trademarks in the financial industry. Most of the names you’re going to look-up at the USPTO website will already be taken. (When the URL allthegoodnamesaretaken.com is taken, you know it’s hard coming up with something new. This is where an experienced naming firm can help.)

If you want to read about pain and suffering, The Financial Brand has a number of cautionary tales about financial trademark pitfalls.

Bottom Line: If you think you’re safe because you’ve had your name for a hundred years, you’re wrong. If you think having to change names once is expensive, think about how much it costs to change names twice, after you lose a trademark lawsuit. And if you don’t think it’s important to trademark other assets like your ad slogans, think again. Bookmark this page. Someday it could save you a boatload of money.

Key Takeaways:

• Do your due diligence. It’s so easy, there’s no excuse.
• While the USPTO’s online search tool is a great first step, it is no substitution for the guidance and insight of an experienced trademark attorney.
• Don’t forget to check your local phone book.
• And do a Google Search while you’re at it.

Many credit unions refer to themselves internally in acronym form. Using acronyms is common industry shorthand. Everyone does in our industry, right?

And when credit unions first start looking at a name change, one option is always first to make it on the table: Simply switch to an acronym. Easy.

Take a name with six words and a mountain of syllables – Something Employees Community Federal Credit Union – and turn it into an acronym, like SECFCU.

That’s sort of what Deere Harvester Credit Union did when they became ‘DHCU Community Credit Union’ (‘DHCUCCU’) after giving ‘DFCU Financial‘ a whirl.

But what do all these acronyms look like from the consumer’s perspective.

They look a lot alike.

And they look cold and corporate.

Common ancestry, common surname
Credit unions all share a common last name – the last two names, actually: “credit” and “union.” When you turn your name into an acronym, you only leave yourself a couple of letters to differentiate your credit union from all the other CUs and FCUs out there – not to mention the vast sea of other 3-5 letter acronyms ending in “CU” (or even just “U”).

In Washington State, there’s credit unions whose official names are BECU, HPECU, PUDCU and SECU-FCU. There’s universities with acronyms like EWU and CWU. There’s even a CWU-FCU.

It’s dizzying. What the heck are are those letters supposed to mean?

Reality Check: Acronyms made out of credit union names are visually stiff and phonetically awkward. A combination like “PUDCU” sounds weird when read aloud as “pud kyoo” or “pud coo.” And you can’t enunciate SECU-FCU, which looks like a word jumble. “Seck-you fick-you?”

Acronyms lead to problems with domain names too. These four credit unions all use the ‘PECU’ acronym. But none of them own the über-desireable “www.pecu.com” URL, which actually belongs to the Professional Education Corporation University (aka “PECU“).

• PECU (Postal Employees Credit Union)
  www.pecu.org
• PECU (Postal Employees Credit Union)
  www.pecu24.org
• PECU (Public Employees Credit Union)
  www.pecutx.org
• PECU (Public Employees Credit Union)
  www.publicemployeescu.com

There’s also the PECU known as Patriot Equity Credit Union. As well as PEFCU (Purdue Employees Credit Union), PEFCU (Panhandle Educators Federal Credit Union), and PEFCU (Publix Employees Federal Credit Union) with its wholly owned insurance subsidiary, PECU.

It’s not that these credit unions need to change names. Not at all. But if you’re using an acronym and you don’t have to, you might want to reconsider your policy.

Also, if your credit union changes names, avoid acronyms. The acronym you want is already taken by someone, somewhere, if not lots of folks everywhere. Pick a new name and use it with pride.

Bottom Line: The whole point of branding is to differentiate – in every way possible. That means your name – even your URL – should be as different from others as possible, especially your peers and competitors.

Exception: It’s okay to simplify “Federal Credit Union” down to “FCU” in certain applications. This reduction is not a strategic decision. It’s a practical one. You can turn seven syllables into three, and you’re often cutting the visual length of the name in half. It makes a name easier to say, easier to see, easier to write.

If you do use ‘FCU,’ you should still spell the whole name out in your logo and in signage. The fact that you’re a credit union is, in itself, a competitive difference worth spelling out.

Further Reading: Credit union acronyms really annoy Morriss Partee at EverythingCU.com too. Here he gives two big thumbs down for the strategy:

• Credit Union acronyms totally harsh my mellow
• Don’t change your name to an acronym