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Credit union industry name change news emerged out of Iowa and Kentucky this past week.
The Cedar Rapids, Iowa-based Linn Area Credit Union ($667 million in assets) will become Corda Credit Union on May 6, according to a statement on the credit union's website.
"'Corda' is the Latin word for hearts, which is fitting for a credit union that has worn its heart on rolled-up sleeves for nearly 90 years – providing our members strong financial solutions with both compassion and expertise," according to the credit union.
In a Q&A document posted to Linn Area's website, the credit union said its management team and board of directors selected the new name after working for months under the guidance of a branding firm. The credit union said it initiated the name change because its leaders believed "Linn Area" to be geographically limiting and that it created confusion over membership eligibility.
"We also understand not everyone in our current membership lives or works in Linn County, and our name is not inclusive of every member we serve. Due to this, we recognize our name has been an obstacle for some people in joining our credit union and experiencing the benefits that come with being a member of our organization," according to the Q&A.
Linn Area advised members that they may see changes to its branches, website, mobile app and marketing materials in the weeks leading up to the name change, and that the credit union's current website and email addresses would automatically redirect to new website and email addresses beginning May 6. Credit and debit cardholders will also be issued new cards reflecting the new name following the change.
Linn Area membership is open to anyone who lives or works in a specified 22-county region of Iowa, as well as relatives of current members.
The league representing 53 credit unions in Kentucky is also getting a new name – as the result of an extensive rebranding initiative, the Kentucky Credit Union League is now known as Kentucky's Credit Unions.
According to a Wednesday announcement, the league's board of directors approved the rebrand on Jan. 26 following the merger of CUNA and NAFCU into America's Credit Unions.
"I am excited to be a part of this movement as we reveal our new name of Kentucky's Credit Unions," Heather Walter, CEO of Advanz Credit Union ($150 million, Louisville, Ky.) and chair of the league's board of directors, stated. "This rebranding more accurately reflects the collaboration and spirit that is encompassed in all credit unions across the Commonwealth. It also reinforces the continued commitment to helping credit unions in our state prosper. Together, we proudly serve over one million members."
The rebranding initiative includes a new logo, and will be rolled out gradually across various channels, including its website, social media platforms and marketing materials, the league said.
New logos for the credit union association in Kentucky. What's more, KYCUL Services, Inc., the league's service corporation, changed its name to Thoroughbred Business Services. This rebranding initiative will also be rolled out gradually across various channels, including a new logo, visual identity and updated website.
"It's important that our service corporation reflects, and speaks to, our heritage in Kentucky while also describing our business," Kentucky's Credit Unions President/CEO Jim Kasch stated. "Like thoroughbred horses, known to be strong, fast, elite, reliable and majestic, Thoroughbred Business Services will embody these qualities in its commitment to serving credit unions."
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Natasha Chilingerian
Natasha Chilingerian has been immersed in the credit union industry for over a decade. She first joined CU Times in 2011 as a freelance writer, and following a two-year hiatus from 2013-2015, during which time she served as a communications specialist for Xceed Financial Credit Union (now Kinecta Federal Credit Union), she re-joined the CU Times team full-time as managing editor. She was promoted to executive editor in 2019. In the earlier days of her career, Chilingerian focused on news and lifestyle journalism, serving as a writer and editor for numerous regional publications in Oregon, Louisiana, South Carolina and the San Francisco Bay Area. In addition, she holds experience in marketing copywriting for companies in the finance and technology space. At CU Times, she covers People and Community news, cybersecurity, fintech partnerships, marketing, workplace culture, leadership, DEI, branch strategies, digital banking and more. She currently works remotely and splits her time between Southern California and Portland, Ore.
