Dallas W. Bergl, President and CEO of the credit union, said, “We feel our name needs to reflect the future of this credit union at a time when we are seeing significant changes to our core sponsor group. As Bayer Corporation continues to make changes to their operations, we wanted to make sure our members know we are looking to the future and are committed to maintaining our mission of ‘improving our members’ financial well-being.'”
Federal credit unions are exempt from Indiana state laws that require credit union name changes be approved in a member vote by a 75 percent margin.
In a press release about the name change entitled “Changing Our Name But Not Our Mission,” the credit union said, “The name change is a result of the growth and expansion of the membership of BFCU and a forward-thinking management team and board of directors.”
It’s unclear why the credit union chose to capitalize the name.
INOVA Federal Credit Union has twelve branch locations in six states, serving over 33,000 members and over 400 select employee groups.