In line with its conversion to a state charter, the $667 million Nevada Federal Credit Union became One Nevada Credit Union on Monday as part of a $700,000 rebranding.
New signage and billboards went up over the weekend as part of the "soft launch" with changes on internal and member documents to continue over the ensuing weeks, said Greg Barnes, senior vice president of marketing.
In a statement, Brad Beal, president/CEO of the state's second-largest credit union, said the new name was chosen "because it reflects a connection and togetherness with the area of Nevada the credit union serves."
Aiding in picking the new moniker was Weber Marketing Co. of Seattle, said Barnes.
In the Nevada FCU statement, Beal took note of the lingering and loss-producing Nevada recession hitting CUs and banks.
"With the struggling Nevada economy, the last few years have been challenging for the communities we serve," said Beal. "Our new name and charter expansion will provide affordable credit union benefits to thousands more Nevadans and allows us the flexibility for growth and expansion in the future."
Nevada FCU completed its conversion to a state charter Aug. 30, saying the switch was needed to expand its statewide footprint and reach another 300,000 potential members. The CU has 79,000 members, 19 branches and 65 ATMs.
As part of the name conversion, Barnes said the major radio and TV sponsorships have all been converted "and we simply had to digitally flip the billboards."
Regarding the CU's financials, Barnes said "loan losses have subsided" but the CU continues "to tread water" with some improvement seem in delinquencies.
Overall, "conditions are still very much stagnant," he said.
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