Motorola Employees Credit Union (MECU), a $901-million institution based in Schaumburg, Ill., said it will change its name to Andigo, most likely in September of this year.
MECU CEO Mike Murphy said in a statement that while "we remain committed to serving the needs of Motorola Solutions, Motorola Mobility and their employees, the new name better reflects who we are today. Andigo, which sounds like 'indigo,' highlights our promise that wherever you go, Andigo goes with you."
Motorola Mobility and Motorola Solutions are two separate public companies which resulted from the reorganization of the original Motorola Inc. in January 2011. Motorola Mobility was eventually acquired by Lenovo Group Ltd. in October 2014.
MECU added the new name also reflects the credit union's roots, noting that Motorola pioneered the car radio and cell phone, products that allowed people "to live their lives on the go."
"Our new tagline, 'Lose Your Bank & Let's Go,' reinforces that Andigo isn't a bank," added Murphy. "Banks are for-profit institutions that exist to benefit their shareholders. Instead, Andigo is a cooperative that exists to deliver value to our member-owners through competitive rates, lower fees and personalized service."
