Name change wrap-up for fall 2008
South Shore Cooperative Bank slims down to ‘S Bank’
The bank is shrinking its name from 21 letters down to one. Nice. The bank said the old name, South Shore Co-operative Bank, was a regular source of confusion for people outside the bank because of its similarity to a larger bank in town, South Shore Savings Bank. That’s understandable. Don Gill, the bank’s CEO, says the process took over a year and a half, which is fairly common for a financial institution name change. Gill also doesn’t care whether you like the name or not. The point is, you’ll remember it. Other names the bank considered: "Via" and "Spire."
‘In’ out as InTrust FCU shortens to ‘Trust’
No reason or explanation for the name change was offered, but it’s quite possible due to a trademark problem. There are 34 other credit unions using the word Trust in their names, making it one of the most common in the industry. But credit unions don’t often sue other credit unions. So maybe it was Intrust Bank?
InTrust FCU’s old name and logo (left), the new one (middle), and Intrust Bank (right).
Forest Kraft FCU becomes ‘Centric’
When Forest Kraft Federal Credit Union was founded more than 70 years ago, it served Brown Paper Co. employees exclusively. On Saturday, November 1, the credit union officially became Centric FCU. The rationale is familiar: "Our intent in becoming Centric is to better reflect who we are. There are many in the community who, because of the name Forest Kraft, don’t realize they can join." Board Chairman Joe Phillips said "the name Centric will always serve as a reminder of the great history we have to celebrate." Brown Paper + Forest Kraft = Centric? How does that work? No explanation could be found, but maybe it has something to do with concentric rings in a cut tree?
Two Iowa credit unions add ‘Community,’ one doesn’t
Casebine Credit Union became Casebine Community Credit Union. And Frontier Credit Union became Frontier Community Credit Union. School Employees Credit Union decided not to follow suit, opting for Meridan Credit Union instead of School Employees Community Credit Union. Many credit unions pursue the "Community" naming strategy to reflect a more open charter, but few find that it works as well as they hoped. It’s worth pointing out that Iowa credit unions are required to have members approve name changes in a vote (51% of voting membership needed).
Arp State Bank Becomes ‘American State Bank’
The bank said it needed a name that was less geographically restrictive as it expands. The new name, American State, certainly goes well beyond its East Texas beginnings. There are already American State Banks in Iowa, South Dakota and North Dakota.
Community Bank of Orange becomes ‘Greater Hudson Bank’
Basically, the bank swapped one geographic name for another. "The Greater Hudson Bank name better identifies our brand, as well as our present and future market area plans," said Eric Wiggins, president and CEO of the bank.
