Credit unions initially named to reflect the commonality of their memberships now find those brands a hindrance when they expand to serve larger markets.
So they're changing their names.
Washoe Credit Union, founded in 1958, once served only Washoe County. This month it became Frontier Financial Credit Union.
"We wanted a name that represented Nevada," says Rebecca Johnston, director of marketing and member development.
It now serves not just one, but eight northern Nevada counties: Washoe, Storey, Lyon, Churchill, Humboldt, Douglas and Carson City.
Its membership group includes those working within the healthcare industry and government employees at local, state and federal levels.
The field of membership at Sierra Schools Credit Union, founded 1949, initially was 13 northern Nevada counties but only their residents involved in the education community. That is, those who work or volunteer at a school, alumni, or family of a student.
Last month it became Clearstar Financial Credit Union.
It now serves anybody who lives in those 13 counties.
"Although serving educators is core to our mission," says Ritch Van Duzer, president and chief executive officer. "We saw the need for a new name to better reflect the communities we serve."
The new name is derived from the image of a guiding light associated with education, plus it conveys a sense of moving upward and forward, he says. The word financial is intended to covey the credit union's full-service offerings.
Most people believe a credit union offers only savings accounts and auto loans, says Kellie George, marketing and business development manager at Clearstar. The reality is that they offer mortgages, individual retirement accounts, and term certificates.
"This is a trend with credit unions nationwide," adds George. "In order to remain competitive with the banking world, credit unions must go outside of their chartered membership."
When she attended a credit union national conference for marketing and business development, "People came up to me to say they also are changing their name to reflect the expanded marketplace and wanted to know: how were the members responding?"
And Hawthorne Credit Union, founded in 1947, once served military, schools and county workers.
It changed its name in 2003 to Financial Horizons Credit Union because it had branched beyond Hawthorne into Yerington and Fallon.
The new name was chosen because, "We serve our members in all of their financial affairs through their lifetime," says Jean Peterson, vice president of finance.
Credit unions began to expand their memberships in the late 1990s after a federal bill allowed them to accept public deposits. A Nevada bill followed suit.
