EL SEGUNDO, Calif. — The $770 million Xerox Federal Credit Union will launch a new name and brand, transitioning to Xceed Financial Credit Union on March 31.
CEO Teresa Freeborn and team hired St. Louis-based firm NewGround for the job. NewGround previously re-branded $1 billion Ascend FCU, $170 million Clearstar Financial FCU, and $260 million Fivepoint FCU. The new branding strategy is the result of about nine months of consultancy, focus groups, surveys, and meetings with SEGs.
Freeborn said her re-branding is part of a larger growth initiative that will include 10 new branches in three years, two new headquarters buildings, development of new products and services, particularly business services, and a continuation of last year's ramped up business development offensive.
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Rather than focus on community growth, Xceed Financial will strengthen its position as a workplace credit union, demonstrated by its new tag line, "At work for you." Business development strategy will continue to focus on market penetration among Xerox and existing SEG employees and family members.
"That's low-hanging fruit, because the relationship is already there," Freeborn said. "Our true test is if another credit union or bank is brought into one of our SEGs; quite frankly, if we let that happen, we deserve to lose them."
Xceed will also woo new SEGs, both large and small, that are located near existing and future locations. Construction of new headquarters buildings in El Segundo and Rochester, N.Y. will allow Xceed to operate as a two-headed monster with a fresh corporate presence in each of its two largest markets.
The credit union worked closely with executives at Xerox to overcome a common re-branding challenge: to develop an identity that appeals to new markets, without alienating an active core population of Xerox employees and retirees. This transition was especially delicate for an original sponsor group that is still the official employer of record for credit union staff.
Despite this, Xerox executives were very supportive of the re-branding effort, Freeborn said.
"They're savvy business executives, and they recognized the need to evolve our business," she said, adding Xerox recently went through its own re-branding, coincidentally updating its own logo in a style similar to Xceed's.
Senior Vice President of Marketing Kathryn Davis said market research revealed that most members — regardless of employment — liked the appearance of the X logo; however, they also said the Xerox name confused eligibility.
The prominence of the letter X in the new name, as well as only a modification to the existing logo, will make the transition easier for members, Davis said.
Interestingly, the marketing VP said that per NewGround's research, members didn't care much if the credit union changed its name, so long as product and service quality remained high.
The new name, which was successfully kept a secret by senior execs, was introduced to more than 200 employees during a festive internal launch at Hollywood's Uni-versal Studios. The gala event wasn't just for Los Angeles-based employees–staff from branch locations back east were flown in on the credit union's dime–and everyone was treated to a red carpet entrance and a massive balloon drop.
The enthusiasm-boosting party, as well as six weeks of intense brand training and member scripting for forward-facing staff, is money well spent, Freeborn said.
"It's great to put together a nice shiny logo and a new tag line and say, 'okay here it is,'" Freeborn said. "But if people don't get caught up in the excitement about it, it's not going to work."
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