Back in August, Yakima Valley Credit Union and Catholic Credit Union got the green light on their merger. Now the two Washington-based credit unions  have agreed to jointly abandon their existing names in favor of a completely new brand: Solarity Credit Union.

“Solarity is a name that represents energy; the liveliness of our people and the vigor that we put into the communities that we serve,” says Mina Worthington, President/CEO of merged credit union.

According to a statement released by Solarity’s two parents, the name’s inspiration derives from “the energy of our people, the abundance of our land, and the opportunities that are all around us.”

“The name reflects our commitment to engage, enlighten and empower,” they continue to explain. “Three words that radiate through all that we do — and all that we are.”

The new catchphrase for the brand — “Engage. Enlighten. Empower.” — uses a common convention among sloganeers known as “the three-word tagline,” with a little alliteration thrown in for good measure. About the new tagline, Solarity says “we are committed to nurturing people’s dreams and engaging them in achieving their financial aspirations, enlightening them to limitless possibilities, and empowering them to reach life’s most important goals.”

A spokesperson with Yakima Valley Credit Union said that they have only heard from a handful of members concerned about the name change. According to the spokesperson, the overwhelming reaction among members has been neutral- to positive so far.

Both credit unions had limiting names prior to the merger. Solarity is open to residents across the state of Washington. Generally speaking, credit unions don’t like to hamper a broad community charter with a name that only speaks to Catholics and/or the residents of Yakima Valley. There’s no reason to retain such demographically and geographically restrictive names when you can serve a population of 6.6 million people. A name change was likely in store for either credit union (or both) even if their merger didn’t go through.

The decision to go with a new name is smart for these two credit unions. If they retained the name from one credit unions, members from the other would feel like they were taken over, resulting in some ill will against the brand right out of the gate. It’s better to start fresh, which is what Yakima Valley + Catholic chose to do. There’s no baggage. It’s a clean slate.

SOLARITY CREDIT UNION – BRAND VIDEO
A two-minute video used to explain the new name and brand to members.

(Script) Each new day, it’s an opportunity… to tap new energy …to grow …to expand our horizons and to reach our full potential. Today, we’re doing just that. Building on a long history of collaboration and partnership and teamwork, Yakima Valley Credit Union and Catholic Credit Union are joining forces to create an even stronger institution. Recognizing that we’re better together. We’re creating a single organization that will have the ability to empower an even greater community of members to realize what’s possible. To celebrate, we’ve created a new identity and a new name… one that is inspired by the best of both credit unions, positioning us for the future …a name that reflects our mission to enrich the lives of the people in the communities we serve. Yakima Valley Credit Union and Catholic Credit Union are becoming Solarity Credit Union. Solarity is a name that reflects our commitment to engage, enlighten and empower — three words that radiate through all that we do and all that we are. It’s about our ability to nurture people’s dreams and our desire to engage them in sharing their financial aspirations… enlighten them to limitless possibilities …and empower them to reach life’s most important goals. Together, we shine brighter, and illuminate a path for our members to thrive. We are Solarity Credit Union.

The new Solarity name isn’t a real word (it’s coined), although others have been using it. Presently there are over 400,000 search results for “solarity,” with top results including a popular band in the UK and a consulting company based in Kentucky.

Solarity Credit Union filed for a federal trademark with the USPTO on June 6, 2011. There are already two existing registered trademarks for “Solarity,” one owned by SPX a manufacturer of car diagnostic equipment, and another owned by a company making medical document solutions. There is a pending applications for Solarity photovoltaic cells. On the surface, it would appear that none of these companies will present any problems for the credit union in its pursuit of federal trademark protection.

The two credit unions introduced their new name to members in a letter sent September 9. The Solarity name and logo will be officially launched on October 1, when a new website and signage will be rolled out. More materials bearing the new brand will be introduced in the months that follow.

Yakima Valley Credit Union has more than $287 million in assets, five branches and 30,380 members. Catholic Credit Union has over $185 million in assets, three branches and 18,000 members. Together, they will have a total of $472 million in assets, eight branches and nearly 50,000 members.

Prior to the merger, Catholic ranked 885th out of 7,443 credit unions according to asset size, while Yakima Valley was 646th. The combined entity climbs to #400 on the list, and is in the top 5% when ranked by size of membership.

The two credit unions partnered with the financial branding and naming experts at Weber Marketing Group for the development of the new Solarity name. Weber Marketing has worked on over 40 credit union name changes, developing many of the industry’s more interesting — and controversial — choices, including Red Canoe, Copperfin, Optiva and Veristate.

This article © 2012 by The Financial Brand and may not be reproduced.

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Old Name: Australia Central Credit Union + Savings & Loan Credit Union
New Name: People’s Choice Credit Union

Rationale: Two Australian credit unions merged back in 2009 to create a goliath, the country’s second largest CU with 350,000 members and $7.4 billion in assets. They said that a new entity deserved a new name. They also told members that a name change was necessary in order to appeal to a younger audience and attract the next generation of members.

Analysis: When two organizations of similar size merge, they will frequently agree to pick a new name. This way, constituencies at both organizations — management, employees and customers — don’t feel like one isn’t taking over the other.

As part of the name change process, the credit union conducted market research to test three names: Everyone’s Credit Union, All People’s Credit Union and People’s Choice Credit Union. Not much range in those options. (Note: There are a few People’s Choice credit unions in the US.) Early in the process, the credit union invited members to submit their name suggestions. They received over 1,000 names.

The credit union needed member approval to change names. 63% voted in favor of People’s Choice, 20% voted against.

The new identity wrapping the People’s Choice brand is fresh, contemporary and approachable. Very nice work.

Spanish out, English in to attract non-Hispanics

Old Name: Banco Popular
New Name: Popular Community Bank

Rationale: The Puerto Rican banking giant found that when they tried to break in to US markets, it discovered that consumers struggled with the Spanish name. The feedback they got was, “I think you are going after the Hispanic market, and I’m not Hispanic so this bank isn’t for me.”

Analysis: The transition from “Banco Popular” to “Popular Community Bank” is one that is linguistically, visually and strategically logical. You’ve got to wonder why they didn’t do this years ago, perhaps back in the 60s or 70s when the bank opened its first US location. Now let’s see when they’ll do something about that ridiculous logo.

The bank says they didn’t lose any Hispanic customers through the name change. They also say that accounts opened by new Hispanic customers have been, on average, 10% larger than with the old name. Balances jumped 25% for non-Hispanic new customers.

French for ‘money,’ Latin for ‘silver’

Old Name: DuPont Fibers FCU
New Name: Argent Credit Union

Rationale: The credit union says a name change was necessary to “better reflect our overall membership which has evolved over many years.”

“A name maintaining affinity to DuPont was desired,” the credit union explained. “Since the DuPont name is French, ‘argent’ — a French word that means ‘money’ — was a natural connection.”

“Also, in Latin, ‘argent’ means ‘silver’ or ‘coins,’” they added.

Analysis: The credit union has a community charter for the Greater Richmond, Virginia area, so it makes sense to dump “Dupont Fibers” if they want to attract a broader audience. The old name was too restrictive.

The Argent name is a sound choice for a financial institution. It’s short and conveys strength, making this credit union of only 21,000 members and $200 million in assets sound bigger than it is.

And while the word “argent” may have a financial connotation in French, it doesn’t really make a connection back to DuPont.

DUPONT FIBERS FCU – ARGENT NAME CHANGE VIDEO
After taking a four-minute tour of the credit union’s history,
the video announces the new name at the very end.

The Maine issue is purely semantics

Old Name: Savings Bank of Maine
New Name: The Bank of Maine

Rationale: CEO and Chairman John Everets told the Bangor Daily News the name change will better emphasize the bank’s local roots as compared to large national banks.

Analysis: Huh? How does swapping the word “The” in for “Savings” emphasize this bank’s “local roots?”

Talmage + Merzon = Talmer

Old Name: First Michigan Bank
New Name: Talmer Bank & Trust

Rationale: As the bank expanded into other states (such as nearby Wisconsin), they felt the Michigan name wouldn’t be well received.

The new Talmer moniker is a coined derivation of the names of the grandfathers of the bank’s founders: Mr. Talmage and Mr. Merzon.

Analysis: The story behind the name is strange. We’re not talking about the founder’s last names. We’re talking about their grandfathers. And apparently the founders’ grandfathers never met — one was a missionary in Asia, the other a prominent lawyer for the underprivileged — and had nothing to do with the bank’s history. As obscure and random as the explanation may be, at least it does give the bank a story behind the name it can tell. It’s fuel for a conservative, legacy-based brand image, but is it too “old” and stodgy?

FIRST MICHIGAN BANK – WHAT’S IN A NAME
A four-minute video explaining the new name and reasons behind the change.

Credit union, knight thyself

Old Name: Superior Iron Range FCU
New Name: SIR Federal Credit Union

Rationale: The credit union said it wanted to simplify and shorten their name to “make it easier for members and vendors.” They said most people already abbreviate the name anyway.

Analysis: Is this a name change? Not really. Switching your name to its acronym is so easy, it’s almost a cop-out. The acronym is pronounced “sir,” making it something they could have a lot of fun with in their marketing. Good thing it isn’t pronounced “S-I-R” (ess eye are), then it would be just another jumble of meaningless initials.

‘Orion’ shines at teachers credit union

Old Name: Memphis Area Teachers’ Credit Union
New Name: Orion Federal Credit Union

Rationale: The credit union dropped “teachers” from the new name because even though educators make up a large part of its membership, many Memphis residents meet the eligibility requirements to join.

The credit union said the Orion name was selected to serve as “a metaphor for an entity comprised of many individual parts combining into a more exciting whole.”

Analysis: Surprisingly there isn’t another “Orion” bank out there already. It seems that a name like this would have been taken, but apparently not.

Mustering the mettle to pick Alloya

Old Name: Members United Corporate FCU
New Name: Alloya Corporate FCU

Rationale: The old corporate colossus failed, and from its ashes a new brand was born.

Analysis: When an organization implodes, it’s usually a smart idea to change names and start anew, as in this case. According to the credit union, the Alloya name was coined from words like “alloy,” “all,” “ally” and “loyal.” The root word “alloy,” which is typically defined as a blend of two metals, touches on themes of cooperation, strength, unity and togetherness. The credit union said it wanted a name that would be distinctive, memorable, timeless, have energy, look good and sound good. That’s a pretty long list of criteria, but the new name arguably accomplishes all of them to some degree. However, the decision to go with Alloya probably didn’t sit too well with the folks over at Alloy FCU.

 

This article © 2012 by The Financial Brand and may not be reproduced.

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The old name ‘just didn’t suit us anymore’

South Interlake Credit Union’s growth strategy hinged on building branches throughout the Manitoba province where it was based. At the time of the name change, half of the credit union’s branches were already located outside the South Interlake area. The credit union said past member research and feedback from staff verified their conclusion: the South Interlake name no longer represented who the organization was.

This wasn’t the first time the credit union changed names. It started as The Stonewall Credit Union Society in 1955, then became South Interlake in 1968 following a merger with Teulon Credit Union.

The Sunova name was created from the words “sun” and “nova,” reflecting how the credit union sees itself today: a vibrant, innovative and friendly financial institution.

“We feel the name change really represents who we are,” Sunova marketing manager Vanessa Foster said in an interview in the Lac du Bonnet Leader. “‘Sun’ identifies the warmth of friendly staff while ‘Nova’ represents the company’s rebirth.”

“We wanted it to be short and sweet but we also felt the name should mean more than a combination of letters,” Foster explained.

“The circular symbol in our logo reflects a number of different interpretations of our name — sun, constant movement and star,” Foster said. “Feelings of warmth, friendliness, innovation and endless opportunities all come to mind.”

“Sun” and “nova” — words evoking beaches and warm weather — may seem like a strange choice for a credit union in Canada, but Sunova wanted a name that captured its brand personality and not its geography. Chevy’s Nova is notoriously celebrated as a major renaming faux pas after rumors spread that “nova” meant “no go” in Spanish. This modern myth has survived through the years, even though it isn’t true.

Takoda, the D.O.G.

Meet Takoda. She’s Sunova’s official “Director of Greetings” (D.O.G). The Saint Bernard, has held the extremely unique position as four-legged greeter since 2006. She is a fulltime “employee” at one of the credit union’s branches, with responsibilities that include greeting members, sleeping, playing with kids, sleeping and occasionally providing some moments of comic relief.

“We have to admit, she does spend a fair bit of time sleeping on the job!” the credit union says.

Takoda, which means “friend for all” in Sioux, joined the team as part of a marketing effort to draw attention to the credit union. “We’re always looking for ways to be different here,” Foster told the Credit Union Journal in an interview. “We thought that having a dog in here would be unique.”

“We didn’t want a dog that you typically see on the street,” Foster said. “We wanted a larger dog that’s friendly, outgoing and good with strangers and children.”

“We have many people who come in regularly just to see the dog,” Sunova CEO Edward Bergen told the Winnipeg Free Press.

Bergen said the credit union is considering adding greeter dogs at future branch locations.

Bright ideas, vibrant future

Sunova currently has 23,000 members, 10 branches and upwards of $600 million in assets. But the credit union has big plans, starting with an expansion strategy that involves doubling the credit union’s branch network by 2020.

“We plan to build one branch every year in Winnipeg for the next 10 years,” Bergen said.

The credit union just announced it’s building its first branch in Winnipeg, with another nine more on the way.

Sunova has recently started deploying “pod” style banking, where people are greeted by an associate when they walk through the door, then taken to a teller pod to conduct transactions.

Extreme Makeover: Banking Edition

Sunova says it developed its “unique, new brand identity to better reflect who we are and what we’re all about.”

“It is simply an approach to make our organization a little brighter with a different name and fresh new look,” the credit union said.

SUNOVA SHOP
The credit union partnered with Clear eTail to create an online e-Store. The shop is exclusively for members, so only they know what schwag, garb and other goodies lurk within.

You can download a PDF of this name change brochure for Sunova.

This article © 2012 by The Financial Brand and may not be reproduced.

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During the 2010 Super Bowl pregame show, The Credit Union of Johnson County ran an ad announcing its new name — Mainstreet. The new moniker is meant to align the credit union with the sensible Midwest values of folks living around Kansas City, where the credit union is based, while distancing itself from the widely-reviled greed of Wall Street. The Financial Brand talked with John Mathes (pictured left), Director of Brand Services at Bancography, about the firm’s name and brand work for Mainstreet.

Financial Brand: Why change names?
John Mathes: Primarily because the credit union is growing outside of its original geographic trade area. The credit union recently merged three others into its operations — two in Kansas and one in Missouri. With its reach extending beyond Johnson County, John Beverlin, the CEO, felt it was time to change the name.

Secondarily, the original name was burdened by sounding as if you had to be a county employee to belong. The original charter was for the Johnson County Teachers Association.

FB: Why ‘Mainstreet?’
JM: It doesn’t get any more “Main Street” than suburban Kansas City. The members and associates (staff) all embody the tenets of the new brand as we’ve crafted it.

The huge coup here is the on-going, numerous references to “Main Street” vs. “Wall Street” in the media. Every time they mention it, it is a mention for Mainstreet Credit Union.

Never has a new name been launched with so much “pre-awareness” already established for the “big idea” behind the brand. The whole Move your Money grassroots effort, and the flight to safety from Wall Street, plays right into the essence of the new brand.

FB: How is the brand being positioned?
JM: “We live where you live.”

MAINSTREET CREDIT UNION – POSITIONING STATEMENT

FB: Is there a new slogan or tagline?
JM: We haven’t settled on a on-going slogan…and may not have one. The main copy point for the brand launch is: “You’re not Wall Street. Neither are we.”

FB: Was research used as part of this process?
JM: Yes, in a couple of steps. First, Bancography established benchmark awareness and attribute rankings, as well as a market share and competitive analysis. The development of the brand positioning and name alternatives were a result of the Bancography Brand Map process. Communication audits were also performed with the credit union’s primary competitors.

As the process wound down and we got closer to the name selection, qualitative focus groups coupled with quantitative verification (telephone intercepts) were conducted with both members and non-members in the trading areas. The credit union’s associates also participated in separate focus groups.

FB: How did the credit union approach the name rollout?
JM: The name and brand was launched internally first back in mid-November. Great care was taken to be sure that every associate understood the process, the rationale and the reason for the change. Outside sales training consultants are assisting with the transition.

Member awareness was the second phase. The credit union took great care to explain the rationale behind the change and to reassure members that it was not being taken over.

You’ll notice the advertising elements do not mention the old name. This was careful thought-out strategy, so as to not burden ads with any explanation. The idea was that if someone was not currently a member, it would be for one of two reasons: they had already dismissed the Credit Union of Johnson County (for any number of reasons), or they simply weren’t aware of it. So there was absolutely no benefit to making the connection.

MAINSTREET CREDIT UNION – BRAND LAUNCH
A 30-second TV spot used in the 2010 Super Bowl pregame show to announce
the Credit Union of Johnson County’s name change to ‘Mainstreet.’

FB: How long did the whole process take?
JM: The original market survey for benchmarks and the kick-off “ideation session” for the Brand Map process took place in November 2008.

FB: What’s the timeline for rolling the brand out?
JM: The credit union will implement its new brand over several months, changing out signage, print materials and advertising.

FB: What size is the credit union?
JM: The credit union has $240 million in assets, over 52,000 members, eight branches and two satellite locations in the Kansas City area.

Credits: Bancography (research, branding, naming, logo), The AMP Group (advertising), Margaret J. Blankers Public Relations Group (public relations), and Graphic Edge KC (graphic design).

[Editor’s Note: The Credit Union of Johnson County has applied for a trademark with the U.S. Patent & Trademark Office. There is already a federally registered trademark for “Mainstreet Financial” for a financial planning firm. There is also another credit union named Main Street Financial FCU in Louisiana (formerly LA DOTD FCU). Domestic Bank in Rhode Island has held a USPTO federal trademark for the phrase “We’re Main Street, Not Wall Street,” since 1998. The bank still uses the slogan on its website today.]

This article © 2012 by The Financial Brand and may not be reproduced.

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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

This article © 2012 by The Financial Brand and may not be reproduced.

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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.

This article © 2012 by The Financial Brand and may not be reproduced.

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“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

This article © 2012 by The Financial Brand and may not be reproduced.

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“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.

This article © 2012 by The Financial Brand and may not be reproduced.

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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.

This article © 2012 by The Financial Brand and may not be reproduced.

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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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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.”

This article © 2012 by The Financial Brand and may not be reproduced.

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Last week, the members of both credit unions voted overwhelmingly in support of the merger.

The new Copperfin website touts the merger’s benefits and explains the name change. The homepage takes a creative slant on the merger:

BETTER TOGETHER.
Starsky and Hutch. Peanut butter and jelly.
Lakewood and Kenora District.
Some things just work better together.

When you put two great things together, you get something even better.
It’s about synergy. It’s about community. Most of all, it’s about solutions.
That’s why Lakewood Credit Union and Kenora District Credit Union
have joined to become Copperfin Credit Union.

Copperfin’s new design style is both distinct and refreshing, representing a big visual upgrade in the two credit unions’ brand identities.

The new slogan is “Enjoy life’s possibilities.”

Copperfin falls under the same category of financial names as Red Canoe. These kinds of names are highly unique and creative, they are very trademarkable, and totally unforgettable. Both Copperfin and Red Canoe are the work of Weber Marketing Group, arguably the country’s leading financial naming firm.

Some people have complained that such names make no sense for a financial institution.

Key Question: Who says what a financial name should- or shouldn’t sound like?

Reality Check: There are no rules. If there are rules, they will be summarily ignored by breakthrough brand builders.

Before you rush to criticize a name like Copperfin, just remember: Many of the world’s most successful brands have names that — on the surface — make absolutely no sense at all: Old Navy, Starbucks, Gap, Apple, Virgin.

Key Insights: Name changes are subjected to a level of scrutiny that existing brands never endure. There’s something irresistable about comparing an old name to a new name. And generally speaking, people don’t like change.

This article © 2012 by The Financial Brand and may not be reproduced.

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METRO Credit Union becomes Extra Credit Union (May)
What was the reason for this name change? The credit union serves the educational community in Southeast Michigan. What was wrong with “Metro?” There isn’t much information out there on this name change. Making the tie back to the credit union’s educational roots, the name is actually “Extra Credit.”


Marion Schools Employees CU becomes Via (May)
The interesting thing here is that the credit union gave members a choice of two names and let them vote. The change takes the credit union’s name from 33 characters to three, and from 12 syllables to two.

Bank of Eureka Springs becomes Cornerstone (May)
The bank changes names so it can expand beyond its Eureka Springs roots. The only problem is that the Cornerstone name is pretty popular in the financial industry.

Tooele FCU becomes HeritageWest (June)
TFCU was originally formed in 1948 as Benicia Arsenal Federal Credit Union in Benicia, California. In 1962, the name changed to Tooele Army Depot Federal Credit Union. This latest name change reflects a consistent pattern of credit unions tied to military bases changing names, many due to base closures or “realignments” (i.e., “cuts”).

Jefferson County Teachers CU becomes eCO Credit Union (July)
Designed to remove perceived barriers the new name is derived from a blend of ‘Educators’ and ‘Community.’ That may be the credit union’s rationale, but with a name like “eCO,” they better be green, too.

The Education Credit Union becomes Athena (July)
This Ohio credit union picks the name of the Greek goddess of wisdom and warfare to support its new community charter.

Commerce Bank of Folsom becomes SierraVista (July)
Only a year after the bank was founded, it decides to expand beyond Folsom. The CEO also said the old name had too many syllables and too many consonants.

First State Bank becomes Legence (July)
The bank said the name change was made to accommodate future growth outside of Southern Illinois. When First State was founded more than 100 years ago, it was the only bank going by that name South Illinois. Now Googling “First State Bank” generates nearly 20 million hits. A good reason not to pick a safe, “financial-sounding” or geographic names in the first place.

Farm Bureau Credit Union becomes Interra (Aug)
American Farm Bureau Federation tells its largest credit union to change names.
Eventually, every well-established brand will ask their credit union(s) to change names (ala John Deere, Weyerhaeuser and others). If there’s any credit union out there with a name connected to a well-known brand, this is your wake-up call. Most people haven’t even heard of American Farm Bureau, so if they’re out to defend their brand…look out. How many big-brand, single-sponsor credit unions are left anyway?

Two First Federal banks merge
and become RiverWood (Aug)
Two banks in Minnesota with the same name merge and pick a new name. These two join other “First Federals” that have opted new monikers. Apparently, there are just way too many banks with that name.

DOT Federal Credit Union becomes Bridgeway (Sept)
The credit union gets a community charter and changes names. The new name makes a connection back to the credit union’s roots serving the Department of Transportation — a strategy that is usually well-received. Apparently, there are also three major bridges that connect the residents of the three counties the credit union now serves. 3Bridges (or Three Bridges) would have been a cool name too, but there’s nothing wrong with Bridgeway. It looks like a pretty clean trademark.

Conclusion & Analysis

Community charters continue to be the #1 reason credit unions change names, although changes with employee sponsor groups like military bases are another common reason. That’s why Fort Belvoir FCU dropped the word “Fort” from its name earlier this year. Back in 2002, Motorola was cutting jobs and scaling back operations, so its credit union had to change names and became TruWest.

Most credit unions were founded with Where+Who names like Jefferson School Employees, Marion School Employees and Orange County Teachers that clearly say which people in which community they serve. As credit unions expand their reach, they find that the names that once served them well are awkward and confusing. You can’t just tack the word “community” to your name. People will still think Acme Employees Community Credit Union is just for Acme employees.

The vast majority of bank name changes are the result of mergers. Either one bank absorbs the other, or, if the banks are similar in size, they may mashup their names like RBC Centura.

Geographical names make perfect sense and work well in the beginning. But both banks and credit unions alike find geographical names can be very challenging when the expand beyond their initial service area. This is the #2 reason after mergers that banks change names.

This article © 2012 by The Financial Brand and may not be reproduced.

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The credit union’s board chose the name because the Servus brand was created only 18 months ago, is recognized in the Edmonton market and can be trademarked.

Earlier this year, three credit unions in Alberta (Servus, Common Wealth and Community Savings) announced they were merging to create the third largest in Canada, with $9 billion in assets, almost 400,000 members, 2,000 employees and 100 branch locations. The merger left two big questions unanswered:

1. What will the name of the credit union be?
2. What will happen to Young & Free, the phenomenally popular Gen-Y promo from Common Wealth CU, one of the the merging credit unions?

In the comments of a previous post here at The Financial Brand, representatives from both Common Wealth and Currency Marketing, the agency behind Young & Free, reassured concerned readers that yes indeed, Young & Free would survive the merger.

The selection of Servus as the name comes as no surprise. First off, Servus was the larger credit union in the merger. It’s also a far more unique and interesting name than either of the other two options, Common Wealth and Community Savings, which are both fairly generic names. That’s what makes it possible to get trademark protection with real teeth. And the double-meaning behind the name is a nice touch: “service” and “serve us.”

Being able to secure a clean trademark is critical when changing names, a lesson some financial institutions frequently learn the hard way. (For related coverage on the pitfalls of financial trademarks, see today’s article from The Financial Brand on TD’s troubles with the Commerce name.)

Common Wealth and Community Savings have until October 31, 2008 to phase-in the new Servus name.

You can read the official press release here (PDF).

This article © 2012 by The Financial Brand and may not be reproduced.

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“In the financial industry,
if you don’t grow, you go.”
– Tim Haegelin, CEO

San Antonio City Employees FCU had a name change in the works since 2006, but, in the words of Tim Haegelin, President/CEO, it became “an inevitability” following a community charter.

“It’s a matter of survival. We believe we’ve had such a very, very strong tradition and a strong legacy. We don’t want to merge, and we don’t want to go,” said Haegelin.

On its website, the credit union said the new name reflects “multiple generations of credit union members moving toward a sound financial future.”

About the new logo, Haegelin said, “Capital letters are very formal.” The credit union also had this to say about its new logo:

“The green and orange waves symbolize movement from one generation to the next, as traditions are passed on. Unique to other institutions in San Antonio, the green and orange make us stand out and say we’re not like the other banks in town. We’re here for you. The bright, fresh colors are native to the San Antonio landscape, showing our pride in being a part of this community.”

It took about a week for crews to change signs on the credit union’s six branches and 26 ATMs.

According to an article in The CU Times, the credit union’s new slogan will be “What’s next.”

The credit union becomes at least the fifth Generation credit union in the United States. The other four include:

• Generations Credit Union (also typeset with a lowercase ‘g’)
  
• Generations Credit Union
• Generations Community Credit Union
• Generations Family FCU

This article © 2012 by The Financial Brand and may not be reproduced.

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