UICCU also had been asked by the university administration to come up with "our own brand rather than continue to piggyback on the university and we agreed," said Kelly.

However, a renegade group, called "Sink Optiva" seized on the change as unnecessary overturning an initial vote in October. A second Feb. 28 member re-vote defeated "Optiva" 806-631, prompting the CU to cancel the name change.

The CU has estimated the expense of dumping signage, collateral printing and absorbing consultant fees at about $400,000.

In the meantime, Sink Optiva said earlier this month it was fielding a slate of three candidates to oppose the CU Chairman Eldean Borg and two other directors, Fred Mims and Charles Mason, all up for re-election. The vote was to take place at the annual meeting March 21.

Kelly said management was disappointed in the latest turn of events, but was supportive of its volunteers who have served the CU well over the years "and have given us the vision to make this credit union a successful and profitable cooperative and where it is today, ranking 12th in the nation in total member return."

The CU's own Web site also cited the Callahan & Associates ranking noting that UICCU was first in Iowa in member return with Borg, Mims and Mason helping lead the UICCU to that distinction as well as "implementing beneficial member programs and services."

Regarding scrapping of the "Optiva" materials and signs, Kelly said the CU has been talking to "a couple of out-of-state credit unions about buying the materials and adopting the brand though he declined to identify the CUs.

Kelly said the name change controversy is unfortunate for another reason: the University of Iowa management may eventually request the Iowa City CU to loosen its formal tie to the CU dropping the name, in much the style of corporate sponsors across the U.S. "Just look at John Deere," he said referring to the request by the farm implement producer to force a name change on the old John Deere Community Credit Union in Waterloo–now Veridian–the state's largest at $1.1 billion. Regarding the annual meeting challenge, Kelly said the three directors, up for re-election have made no indication of stepping down in light of the controversy. Borg is a broadcaster on an Iowa City public radio station moderating his own show and also has been on National Public Radio and worked on C-Span. He has been a CU member since 1958 and was elected to the board in 2000.

Mims is a staffer with the University of Iowa Department of Intercollegiate Athletics and Mason is a retired administrative dean for the Graduate College and Research Office for Financial Affairs. Asked about lessons learned from the "Optiva" imbroglio, Kelly said "20/20 hindsight is easy now", but one thing that other CUs might take away is to include more members in the naming process. "Make it more inclusive," advised Kelly. –[email protected]