Your credit union's name is the cornerstone of your brand. So when it comes time to change the name — as the result of a charter change or a simple need to modernize, for example — it's important to remember you're making a decision your credit union and members will have to live with for decades to come.

"Some credit unions land on a name they like and then try to build a new brand around that," said credit union marketing expert Paul J. Lucas. "That's a classic example of putting the cart before the horse."

Lucas said that a credit union should clearly define its new brand, giving careful thought to why the change is happening in the first place. Then, and only then, should the credit union start considering names that fit the new brand.