Members Ask for Inclusion in Helping Hudson Valley FCU Rebrand Investment Division

POUGHKEEPSIE, N.Y. — When members were asked their opinion on renaming Hudson Valley Federal Credit Union’s investment division, many wanted the new name to make them feel included.

After extensive research and meeting with four focus groups that included members and the CU’s investment and trust services representatives, the $2.1 billion HVFCU changed the division’s name from The Investment Center to HVFCU Financial Services effective March 1. The investment arm offers a plethora of investment services as well as insurance, retirement plans and trust services. The CU offers discount brokerage services through Linsco/Private Ledger and trust services through The Private Trust Company N.A., an affiliate of Linsco/Private Ledger Corp. Discussions to change the name began in the summer of 2006 and it was very clear that the new brand needed external and internal buy in, said Derrik Wynkoop, chief financial officer at HVFCU. “We wanted to know ‘do members even know we have these services.’ Our employees also said having the ‘HVFCU’ in the name was important,” Wynkoop said. The CU wanted to continue building on its reputation in the community having been originally chartered to serve IBM employees. Wynkoop said it was also important for the financial services division to differentiate itself from the Charles Schwabs of the world. During “point intercept” interviews with members at the HVFCU’s branches, the feedback produced many “emotional advertising ideas.”