WATERLOO, Iowa — When the primary sponsor asks the credit union to change its name, the process goes a lot more smoothly if the CU embraces the request from the beginning.
That, says Veridian Credit Union, which was formerly John Deere Community CU, is the biggest lesson it learned after sponsor Deere & Co. knocked on its doors in 2004 and requested the credit union change its name.
"We didn't view it as a disappointment as much as we looked at it as a challenge," said Eric Kinman, manager of communications for Veridian. "We accepted it with open arms and made the best of it we possibly could. I think that helped ensure a positive future. It's one of those things that came along, we tackled it, and it turned out very well for us."
There were no growth objectives tied to the move, since it came at the sponsor's request. Deere & Co. asked for the change because the company was focusing on building its brand and it did not control the credit union's image, Kinman explained.
Since the name change became effective in January of 2006, Veridian has grown by $400 million in assets, compared with $300 million in the three years before the switch. "We are definitely very comfortable with the new name, as it continues to represent us well, as did the old name," said Kinman, who explained the credit union already had a community charter when Deere made its request.
It was a big undertaking, given Veridian's $1.6-billion in assets and its 25 locations. "You can't imagine all the places your name appears - a lot more than you'd ever guess," pointed out Kinman. "Fortunately we had very good relations with John Deere and they gave us time to plan. And the extent of our planning helped us have a smooth transition. John Deere gave us two years, and we had a team solely dedicated to the name change in place for 24 months."
Kinman said Veridian felt is was important to let the community know why the change was being made, and handled much of that through local media, with which it had strong relationships. It also tied back to its original name in its advertising for one year after the change took place, and then removed that bridge afterward.
The name Veridian was derived from the words "verdant," meaning green and growing, and "veritas," or truth, Kinman said. "We felt that name best represented our current brand. We are growth oriented and truthful in our products and services we provide."
Kinman re-emphasized the importance of the credit union not taking any kind of negative stance toward the sponsor's request. "There could be a lot of apprehension, anger, and disappointment. And while those feelings will naturally arise, the reality is you have to move forward with a positive outlook. I think that's why we have been successful with our name change."
