Public Service CU Becomes Canvas Credit Union
The rebranding comes after more than a year of member and market research in Colorado.
Lone Tree, Colo.-based Public Service Credit Union has become Canvas Credit Union, according to an announcement.
The 80-year-old credit union, which has $2.4 billion in assets and about 241,000 members, said it changed its name to express “greater inclusiveness.” The credit union was originally named after the Colorado Public Service Company, which is now known as Xcel Energy.
The change process started about 18 months ago when the credit union began researching and reaching out to members, employees and the community. Its official rebranding launch takes place on Aug. 31, according to the credit union.
“The research starkly highlighted consumers’ desire for personalized financial guidance in a partnership atmosphere. Canvas emerged as the name most reflective of its members’ life journey — a fresh canvas on which the credit union helps members paint their future,” the credit union said.
“The research further demonstrated Canvas members’ desire for a partner ‘on their team’ that speaks in clear, simple language — something the financial industry is notoriously bad at,” it added. “Canvas took this insight to heart and instituted measures to restructure every aspect of their members’ experience — from loan applications to branch visits. Their phone conversations are unscripted to promote real interaction, and they invite employees to use real, human language when discussing services. They even reinvented the way they recruit new employees to focus on personalities over resumes.”
The credit union launched a rebranded website on Aug. 24 and said it plans to update all the signage in its branches and at its ATMs over the next 18 months. It currently has 26 branches.
“Credit unions have too long been a best-kept secret. We hope to transform financial services one member at a time. I also hope that our story begins a revolution in credit union awareness not only in Colorado, but across the country,” Canvas Credit Union Chief Marketing and Strategy Officer Tansley Stearns said.