DENVER–The timing be a bit awkward considering public wariness here about "mergers and sales" among banks and credit unions, but still the $720 million Colorado State Employees CU said Friday it saw no problem in moving ahead with a name change becoming Credit Union of Colorado.
"Our ambassador groups did expose us to the idea that our members first wondered whether the name was a first step to a merger and we had to assure them it wasn't," President/CEO Terry Leis said.
The name change on the drawing board for two years is needed, he said, to reduce long-held public confusion over eligibility considering the CU's primary sponsors include State of Colorado employees and those of state colleges and local government.
Recommended For You
Press releases issued by the CU stress the name change has nothing to do with mergers or "sales" an apparent reference to recent bank/CU acquisitions and the NCUA conservatorship of the $400 million Norlarco CU of nearby Fort Collins. Leis declined "to speculate now" but his CU conceivably could be a bidder on Norlarco since both CUs share a similar membership base at Colorado State University.
© Touchpoint Markets, All Rights Reserved. Request academic re-use from www.copyright.com. All other uses, submit a request to [email protected]. For more inforrmation visit Asset & Logo Licensing.
