BOULDER, Colo. – As a means to diversify, U of C Federal Credit Union has changed its name to Elevations Credit Union.
"Our name no longer represented the full scope and diversity of our account holders," said Bill Sterner, president/CEO, in a statement. "In addition, the U of C Federal Credit Union name creates the impression that only people associated with the University of Colorado are eligible to open an account, which is completely inaccurate."
Elevations Credit Union is the largest locally-owned financial institution in Boulder and Broomfield counties, according to the credit union. It serves more than 76,000 members and has $690 million in assets.
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In choosing this name, management adopted the best practices used by other companies and credit unions that have changed their name, Sterner said.
The process involved "an exploration of our heritage, values, and commitment to the local community," the credit union said. "We then looked to the future to how the credit union would grow in its mission and ideals. Our front range location and our members' commitment to an active outdoor lifestyle was another important factor."
One of the largest challenges was to choose a name that would pass very stringent trademark requirements so the credit union would not face name challenges in the future, it said.
"Inspired by the mountain views we all enjoy every morning as we commute to work, school or recreation, the name Elevations was chosen," the credit union said. "It is dynamic and unique in the marketplace."
For more than 50 years the credit union has been operating under the name U of C FCU.
"We're very proud of our history," said Lynn Walloch, board chairman. "Even though we will have Elevations CU displayed on our branches and ATMs, we remain dedicated to serving the University of Colorado and will continue to be actively involved with that important community."
Walloch said since the credit union was established, its select employee groups have expanded to include more than 150 employers and organizations.
"We are still proud to serve faculty, staff and students of the University of Colorado who comprise 30% of our total membership," Walloch said. [email protected]
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