Members Seek Recall of new Name

IOWA CITY – Members opposing the new name for University of Iowa Community CU have petitioned to recall the new moniker, Optiva CU, even after it was approved by state regulators and as the credit union continues to buy letterhead, cards, checks and signs bearing the name. The group, which needs 100 signatures under credit union bylaws to force a special meeting to rescind October's narrow six-vote ballot, have submitted a petition with 150 names calling on the $500 million credit union to recast the vote. Members complained of the credit union's plans to expand interstate, the shedding of traditional ties to the University, and the nature of the name, which one described as 'non-descript.' Jim Kelley, senior vice president for marketing at the credit union, said he believes a small group is behind the petition. “We’ve received the petition and are reviewing it,” he told The Credit Union Journal yesterday, adding that they plan to complete the name-change on March 1 and have already purchased materials to reflect the switch. The change to Optiva was developed by well-known Weber Marketing Group at a cost of $250,000. Kelly said with the new name they want to emphasize the membership rights of a broad spectrum of the region, a community charter encompassing 14 counties in eastern Iowa. The credit union attracted national attention three years ago when its attempt to buy a local bank was quashed by state regulators.