Changes at Major Department Store Forces Credit Union Name Change
ATLANTA - Another credit union has had to revamp because of changes with its major sponsor. As a further sign of the times, the $37 million Rich's Employees Credit Union is changing its name to Retail Employees Credit Union following the recent announcement by Federated Department Stores to drop the Rich's name from Rich's-Macy's and convert its 184 regional department stores to the Macy's nameplate. "The Retail Employees Credit Union identity evolved from months of research and strategizing by management and board,'' said President Jeanne Kucey. The new moniker will become effective Jan. 1, 2005. Founded in 1938, the credit union serves 7,500 members. Rich's was founded by Morris Rich, who opened a dry-goods store in 1867 in downtown Atlanta. Federated, the Cincinnati-based retail giant, bought Rich's in 1976. The 184 stores converting in January to the sole Macy's name will join the 239 department stores that already operate under that name in 19 eastern and western states, Guam and Puerto Rico.