IOWA CITY, Iowa — After months of being embroiled in an unexpected ruckus over a name change, members of the University of Iowa Community Credit Union decided Feb. 28 not to go with the new Optiva Credit Union name.
In the end, 806 members voted against Optiva, while 631 voted for the name. The Optiva name was supposed to go into effect March 1.
Above all, Jeffrey Disterhoft, president/CEO of the $544 million CU, said the members voted and he respects their right to vote.
"We're excited and pleased that the democratic process was carried out by the board of directors," Disterhoft said. "Members had every opportunity to voice their opinion and vote their opinion as well. My hat's off to the board of directors for encouraging the democratic principles we were founded on some 70 years ago."
Disterhoft had a sliver of humor about all the Optiva signage, letterhead and brochures the CU bought: "We can't use [them]…unless there is someone out there who wants to buy [them] from us." As for considering a name change again in the future, Disterhoft said it would be "a board recommendation and a member vote." The Feb. 28 vote puts to an end a nearly six-month ordeal that started with an Oct. 4, 2006 vote on the new name with the final tally being 198-192 in favor of Optiva. The close margin prompted 143 members to sign a petition calling for a new vote even though the State of Iowa Division of Credit Union certified and approved the articles of incorporation to the new name Optiva Credit Union, citing in a letter to UICCU, adherence to applicable rules and regulations and a "complete good faith effort to provide full and complete communication to the members," according to the CU.
Meanwhile, even though the CU said it owns the federal and state trademarks on "Optiva" and "Optiva Credit Union," San Diego-based Optiva Mortgage asked UICCU to reconsider using the name since it had planned to expand to Missouri, Iowa and other surrounding states.
In all, the name change process was expected to cost the CU $250,000, which included member research, focus groups, a new brand identity, marketing materials, Web site enhancements and member communications, according to UICCU. "We're pleased to bring this chapter of our corporate history to a close and will continue to move forward with the name that we have and provide the best credit union possible," Disterhoft said. –[email protected]
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