Members to Vote on Vermont State Employees CU Name Change
MONTPELIER, Vt. -- Vermont State Employees Credit Union is hoping a new name will not only attract younger members, but quell confusion on who is really eligible to join. The $349 million CU has set its sights on changing its name to Veristate Credit Union. Members will vote on the new name March 26. Discussion on the name change began at VSECU's annual meeting in March 2006. The CU conducted extensive research and gathered suggested names submitted by members. More than 30 names were considered before a naming committee selected Veristate. According to the CU, "Veri" is a combination of "Verde," which is Spanish for green and represents the state of Vermont, and "Verity," which means truth or truthful. The word "State" was added as a tribute to the CU's founders. The CU said it is hoping to woo more members in the 25-35 age bracket. The average age of a VSECU member is 45. In 2006, 79% of new members came from communities compared to 5.5% who were new state employees. VSECU said it anticipates that it will cost approximately $220,000 spread over a three-year period to change signage and letterhead. If approved, the Veristate Credit Union name would become effective July 1. Founded in 1947, the CU serves more than 42,000 members.