The $255 million, 31,428-member Erie General Electric Credit Union in Erie, Pa., has changedits name to Widget Financial.

The name was selected for its tribute to GE Transportation(widGET) and to the Erie region, which has a strong and diversemanufacturing base that produces its share of “widgets.”

More than 10% of the nation's plastic injection molding isproduced in the region, according to the city of Erie. The name wasalso chosen for its familiarity in a variety of service industriesincluding technology, manufacturing, education and health care,according to a prepared statement released after the credit union'sannual membership meeting April 20.

The credit union was established 77 years ago to serve employeesat Erie's General Electric Transportation plant, which is Erie'slargest employer. However, the credit union has opened its doors tooffer financial services to all who live in Erie and Crawfordcounties in northwestern Pennsylvania. In recent years, theformer Erie General Electric FCU has merged with 16 other creditunions in the region.

The credit union also had to change its name for legal reasons.In January, GE's corporate attorneys in Fairfield, Conn., sent aletter to the credit union saying that it must discontinue all useof the GE mark and General Electric wording in its name.

“We've anticipated changing our name to better reflect theconsumers who choose to do business with us and even those thatdon't,” said Gail Cook, president/CEO of Widget Financial “Weactually began the process to change our name about two years ago,so receiving this letter from GE was no surprise and onlyreinforced our name change announcement in 2013.”

She noted that other credit unions have shed their well-knowncorporate names such as John Deere Community Credit Union, which is now the $2.3billion Veridian Credit Union in Waterloo, Iowa and several IBMcredit unions such as the $2.1 billion Coastal Credit Union inRaleigh, N.C. and the $3.7 billion Hudson Valley Federal CreditUnion in Poughkeepsie, N.Y.

Cook also said other credit unions carrying the GE name – the$159 million GE Employees Federal Credit Union in Milford, Conn.,and the $1.6 billion General Electric Credit Union in Cincinnati,Ohio – also received a letter from GE corporate attorneys directingthe credit unions to drop their GE name.

Patrick Taylor, president/CEO for GECU, confirmed he receivedthe letter from GE in January. However, there were a number ofoptions outlined in the letter, but he could not discuss what thoseoptions are at this time because of legal reasons, he said.

“First of all, I got to say General Electric is a wonderfulcompany. Needless to say, we want to keep the name,” said Taylor,who has worked at GECU for 55 years. “It's a great name.”

Christopher Moran, president CEO of General Electric FCU, couldnot be reached for comment Tuesday.

“When credit unions change their name, more people understandthey can walk in the doors and open an account,” Cook said. “We arethrilled that more people will be able to realize how we can helpthem under our new banner: Widget Financial.”

In addition to announcing the name change, Widget Financial'sboard of directors and the executive team said the credit unionplans to lend $77 million to its communities in celebration of its77 years of service.