Two credit unions that serve the education community are launching new names just as the new school year prepares to kick off.
School Employees Credit Union of Washington, which is headquartered in Seattle and has $1 billion in assets, has changed its name to Inspirus Credit Union, according to a press release. The name change for the 82,000-member cooperative took effect Aug. 3.
"In March 2015, we opened membership to everyone with a passion for education," the credit union said. "That includes school employees, of course, but also parents, volunteers, caregivers and students. We wanted a name that welcomes everyone."
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Inspirus is the credit union's fifth name in its 79-year history, it said. It was founded in 1936 by a Seattle math and journalism teacher.
The $75 million San Bernardino School Employees Federal Credit Union has also changed its name. It is now Thinkwise Credit Union, according to a release from the cooperative, which has about 5,500 members and was founded in 1952.
"Over the years I have noticed a significant amount of name confusion with other financial institutions," San Bernardino School Employees FCU CEO Kevin Posey said in a statement. "Employees and board members were in unanimous agreement of a name that was not only distinctive, memorable and progressive, but one that was short, to the point and didn't require more than a single breath to say."
Posey said a naming team of five employees and two board members reviewed more than 35 potential new names with dozens of logo designs and color options. That name change took effect on July 27.
Several other members of the credit union industry have changed names this year, such as DHCU Community Credit Union (now Vibrant Credit Union) and CU Business Partners (now Extensia Financial).
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