The $388 million Kentucky Telco Credit Union in Louisville changed its name Tuesday to Transcend Credit Union.
The credit union was founded in 1934 to serve the financial needs of Bell Telephone & Telegraph Company, which later became BellSouth and AT&T. Since then, the credit union diversified to serving more than 800 groups. After a state charter conversion in 2015, the credit union began serving the Louisville, Lexington and Owensboro markets.
"We found that the name, Kentucky Telco Credit Union, resulted in some confusion about eligibility to become a member," Transcend CU President/CEO Richard Reese said in a prepared statement.
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Despite this consumer confusion, however, Transcend has managed to increase membership from 36,263 in March 2012 to 46,717 as of June of this year, according to its NCUA call reports.
"Increasing our name recognition is a key challenge as we strive to acquire new members in the communities we serve," Transcend CU explained in a letter to members. "A new name will invite the Louisville, Lexington and Owensboro communities to be part of our membership — an invitation to grow and prosper with us. This change is not a departure from our roots, but a bridge to transport us toward a successful future."
The name change, coupled with a reimaged brand, is centered on the credit union's promise to elevate everyday banking experiences, and a more direct reflection of the differences Transcend CU makes in its members' lives by helping them reach their financial goals, the credit union said in its prepared statement.
"Our members are at the forefront of everything we do, so we hope the residents of the communities we serve find our new look to be warm, friendly, helpful and informational — just like the Transcend employees who help our members every day," Reese said.
Transcend CU operates eight branches and employs 82 full-time staffers and three part-time employees.
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Peter Strozniak
Credit Union Times reporter covering credit union operations, fraud, M&As, leagues, business continuity, and breaking news.
