WINDSOR LOCKS, Conn. - For many credit unions, signing 11 net new members in a year would be a cause for concern. For 360 Federal Credit Union, it’s a cause for celebration.
Last summer 360 FCU changed its name from Hamilton Sundstrand FCU to reflect SEG growth, and for the first time in seven years, the CU showed positive net member growth. “It wasn’t a lot of growth–only 11 members–but that’s a big number to us,” offered 360 FCU CEO Bob Aresti. “We finally broke through.” Aresti said growth for CUs in the surrounding communities was slowing, and the credit union had been analyzing its own trends. What it saw, Aresti pointed out, was that SEG growth was beginning to equal growth from its primary sponsor, Hamilton Sundstrand.
“That was the first indication that we needed to seriously consider changing the name,” Aresti said.
The $178-million CU also expanded into the underserved community of Thompsonville. Soon it learned that many of the residents weren’t sure if they could join the credit union because they didn’t work for Hamilton Sundstrand.
The CU contracted with BrandEquity in Newton, Mass., to do the name change and decided on 360 because the credit union felt the name met its growth needs and still tied to its primary sponsor.
“One of the things our board and I wanted to make sure we did was keep a connection with Hamilton Sundstrand,” Aresti explained. “And 360 has a strong connection: The circle in the logo represents the 360-degree motion of a propeller spinning, and Hamilton Sundstrand is best known for manufacturing propellers. The circle also represents how our membership has expanded to serve a large circle of the community.”
The 17,300-member CU’s goal is to reach 25,000 members by 2005.
