MADISON, Wis. (5/28/13)--Two credit unions in Massachusetts and North Carolina announced last week they are changing their names.
After 57 years, Greensboro (N.C.) Health Care CU will become HealthShare CU, effective July 1. Also NMTW Community CU, Lowell, Mass., will change its name to Align CU in September.
Greensboro Health Care CU CEO Genice DeCorte said its board members did not make the change lightly, according to the North Carolina Credit Union League (Weekly Conversation May 24). They believed the existing name did not truly reflect its field of membership and they are seeking to align its name with current membership and its strategic plan.
The $30 million asset credit union serves members throughout North Carolina and the country. "With more services being offered electronically, members don't necessarily bank where they live," said DeCorte.
The name HealthShare CU is a broad reflection of its field of membership--health care employees and their "share" of ownership in the credit union. The new name will also position the credit union for future growth in the health care industry, it said.
In Massachusetts, the $543 million asset NMTW Community CU, which originally served Northern Massachusetts Telephone Workers, changed its charter in 2005 to a community charter. It is open to anyone living, working or going to school in communities in eastern Massachusetts and southern New Hampshire (framinghampatch.com May 22).
NMTW Community President/CEO Ken Del Rossi emphasized that the name is the only thing changing. The credit union has partnered with Single Source Marketing of Danvers to develop a collaborative brand.
The new name reflects the credit union's core of what sets it apart and its member-driven approach, and is about providing the right products and services, tailored to each member's need, said Lauren Robinson, assistant vice president and marketing director.
Both credit unions emphasized they are not involved in any merger or acquisition.