ERIE, Pa. (4/17/13)--Erie General Electric FCU in Erie, Pa., is removing "General Electric" from its name through a request from GE that resulted in a mutual agreement.
A group of GE employees formed the credit union in 1936 because they wanted to pool their savings and gain access to loans (The Associated Press April 16).
However, the credit union never was affiliated with GE. That is why the company--whose GE Transportation locomotive business is a large Erie-area employer--wants the name removed, reported The Erie Times-News (April 16).
The $256 million asset credit union has worked for the past 18 months to prepare for the name change that will be announced Friday at its annual meeting.
Credit union officials said the name change will help correct the misperception that only GE employees can join the credit union, according to AP.
The credit union plans to make the new name effective May 1.