The $3.3 billion Lockheed FCU will become Logix FCU on July 9, a name change it said reflects a lessening of formal ties to its original corporate sponsor.
The new brand, rolled out Wednesday in a series of emails to members, should help the Burbank, Calif., credit union eliminate confusion over membership eligibility, a problem it has long had, said President/CEO David Styler.
“This is something that we’ve agonized over for a long time and I am getting mixed and understandable reaction so far from members who feel attached to the Lockheed name, something we are equally proud of our history and heritage,” Styler said.
Nonetheless, he said, “We chose the name Logix because it is distinctive, memorable, and suggests a smarter, more logical banking choice.”
The new name, Styler said, “will also feature the tagline ‘smarter banking’ to reflect our credit union’s better rates, lower fees, proactive service, easy access to state-of-the-art banking technology, and culture of member advocacy.”
Weber Marketing Group of Seattle provided the creative and the branding package, Styler said, an effort that included months of focus group research and internal analysis.
“We’ve served Lockheed Corporation and Lockheed Martin employees and their families for 75 years,” Styler said. He said the new name is “one of many steps we are taking to positively position the credit union for sustained, healthy growth for the next 75 years.”
Lockheed FCU has 105,000 members and 11 branches in Los Angeles and Ventura counties, and is the largest financial institution headquartered in the San Fernando Valley.
Styler said that he has long thought the Lockheed name carried enough branding weight “but we found that the public still thinks you have be an employee of Lockheed” to be a member.
“Even with all the advertising we do, the reader sees the name Lockheed and does not bother to read the copy,” said Styler.
Because of the sensitivity of a name change, Lockheed has been rolling out the notices to members in phases.
“The first 30,000 members will get an email notice on Wednesday “and depending on reaction we get at our call center, we’ll send out the remainder later on,” Styler said.
While some members understand management motivation “and the barriers to growth, there are some who are sad and emotional about the change,” he said.
To accommodate the sensitivities “and to recognize history,” images of Lockheed aircraft will remain on debit and credit cards, Styler said.
He declined to put a price tag on the marketing and rebranding project and said the signage will be ready by the July 9 kickoff date.