Flag of Fairfax County. (Source: Shutterstock)
Fairfax, Va.-based Fairfax County Federal Credit Union has become NextMark Credit Union.
The $493 million credit union, which has about 17,000 members, said it expanded outside Fairfax County and that its name change would make it more inclusive for people in those new markets. The name change took effect on December 2.
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"We have been serving the Fairfax County community for over 60 years. With our recent community expansion into Loudoun, Prince William, Stafford, Fauquier, Culpeper, and Spotsylvania counties, and the cities of Fairfax, Falls Church, Manassas, Manassas Park and Fredericksburg, we concluded that changing our name would make us more inclusive to those residing in our new footprint," the credit union said in an FAQ statement on its website. "Furthermore, our new name promotes our independence and helps us stand out from local county affiliated businesses."
A group of Fairfax County employees founded the former Fairfax County Federal Credit Union in 1958. In 2004, the credit union expanded its field of membership to serve people who lived, worked, worshipped, went to school or volunteered in Fairfax County. In 2017, it further expanded into six additional counties and cities.
The credit union said it conducted months of research, member and non-member interviews and focus groups to choose the name.
"Purposefully, our new name demonstrates empowerment and directional growth for both our current and potential members, and our organization as a whole. Your next mark is the next step on your journey. It's about stepping into the future with self-confidence," it said.
The rebrand included branch remodels, a new website, new check stock, new debit and credit cards and new employee email addresses. NextMark said it expects to complete the brand transition by the middle of 2020.
NextMark is the latest in a string of credit unions that have cast off employer-focused or geography-focused names.
Ogden, Utah-based Weber State Federal Credit Union, for example, recently announced that it will change its name to Ascent Credit Union next year. Weber State has $130 million in assets and about 10,000 members.
Missoula, Mont.-based Missoula Federal Credit Union announced it would become Clearwater Credit Union, and St. Louis-based Anheuser-Busch Employees' Credit Union and its divisions American Eagle Credit Union and Purina Credit Union rebranded to become Together Credit Union. Clearwater Credit Union has $554 million in assets and about 51,000 members. Together Credit Union has $1.8 billion in assets and about 133,000 members.
In addition, Saginaw, Mich.-based Saginaw Medical Federal Credit Union, which has $138 million in assets and about 12,000 members, became Health Advantage Credit Union.
Also, Brigham City, Utah-based Box Elder County Credit Union also announced it will become Elevate Credit Union next year. The credit union, which has $143 million in assets and about 13,000 members, said its new name takes effect on January 1, 2020.
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