The new year is a good time to rebrand acredit union, according to one expert, and three credit unions havedone just that by kicking off 2016 with new names and newlooks.

Kearny, Neb.-based Kearney FCU became Trius FCU in December,according to the financial institution. It has about $14.5 millionin assets and 2,800 members.

Founded in 1967, the credit union was first known as ThirdKearney FCU. It became Kearney FCU in 1981, and was party to fivesubsequent mergers, according to the credit union.

United Educational Credit Union, based in Battle Creek, Mich.,changed its name to BlueOx Credit Union on Jan. 1. The $121 millioncredit union has 14,000 members and began in 1936 as the BattleCreek Teachers Association Credit Union.

In 1958, it changed its name to School Employees Credit Union.In 1999, it became United Educational Credit Union.

“The BlueOx name is a nod to the Midwestern folklore tales ofPaul Bunyan and Babe. The character traits represented in the talesstrongly represent our members, our credit union, our localcommunity and our state,” it said in a statement.

Robins Federal Credit Union also revealed a new name for 2016.The Warner Robins, Ga.-based credit union became Robins FinancialCredit Union on Jan. 1 after switching from a federal to statecharter. Dating back to the 1950s, the 19-branch cooperative has $2billion in assets and 164,000 members.

The makeovers are the latest in an onslaught of branding transformations in the industry.

Expanded fields of membership are drivingmuch of that change, according to Susan Weissman, who is presidentof marketing agency Dovetail in St. Louis, Mo. The ability toattract people in new geographic areas and employer groups, forexample, created identity challenges for many of her credit unionclients due to their names, she said.

“It really was that they were named after very specific groups,”she explained. “They no longer served only those groups; theyserved those groups and more. It was narrowing. It actually wasexpressing that they're only for a certain kind of people when theyhave a broader field of membership. They really had to change theirname to properly communicate who they were.”

However, the trick is knowing exactly when it's time to makethat name change, Weissman said.

“In the ideal world, when you know you're going outside of thatmembership, that's the time to change the name,” she said. “Youdon't really want to wait and try to market to a bunch of peoplewho aren't in that group with a name that really says, 'We're notfor you.' Again, in the not-perfect world, you might have to get to20% or 25% before you can get all the executives that need tosupport the name change to agree that it's time. I would say before30%.”

Developing a new name can take two or three months and cost$20,000 to $25,000, Weissman noted. That excludes the cost tochange all the logos, taglines, URLs, trademarks and signage, which can take another six months to tackle.

“Of course, it's ideal to just, January 1 we're going to be 'X',and that's it,” she said. In the real world, it's more of anongoing process, she added.

“You don't just throw everything away that had the old name theday you have the new name,” she said.

Two things are important to remember when choosing new names,Weissman added, and it's harder than it looks.

“One is whether or not it makes sense to be descriptive andappeal to the rational side of one's brain, or whether to be moreaspirational and just appeal to emotion,” she explained. “It peaksanother filter we use when we think about names: does it createinterest or inspire curiosity?”

“There's a lot of brainstorming coming up with lots of names andthen weeding down to make sure it's ownable and it strategicallysupports where you're trying to take the organization. Then youhave to get everybody to agree. It's a little bit like naming yourbaby,” she said.