BURBANK, Calif.- After 75 years, the $3.2-billion Lockheed FCU is prepping its members for a name change in May.
LFCU told members the name change follows surveys showing a wide majority of current and prospective members believe they are ineligible to join due to the name. President and CEO Dave Styler, in a video posted on Lockheed FCU's website, takes pains to say the credit union is proud of its name and its long association with Lockheed.
"But 80% of the general public believes it cannot join the credit union, and when we advertise our compelling products, people don't get past the name," he said. "We have to reduce that barrier, and the best way is to change the name."
Lockheed FCU currently is a SEG-based CU serving more than 600 companies nationwide in the aerospace, government, high-tech, insurance and professional fields.
In the statement on its website, the credit union said it will announce its new name and brand in May, which it promised will be "unlike any other in the financial services marketplace."
A look at the numbers shows Lockheed FCU managed to avoid the red ink that hit many of its neighbors in Southern California.
In its December 2011 Call Report, it reported $39.1 million in net income prior to assessments. Its net worth ratio was 15.61%.
