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Western FCU Changing Name To Unify FCU

me1004
me1004   |     |   537 posts since 2010

I just got a notice in the mail from Western Federal Credit Union saying that as of today, it is changing its name to Unify Federal Credit Union. This is not a change of ownership, simply a name change, all else remains the same. 

You can see their Web page about it here.

For now, the URL for the credit union's Web site remains the same: https://www.western.org




dave9354
dave9354   |     |   28 posts since 2010
Be careful! Look what happened when Tobyhanna changed its name to Valor!
cactus
cactus   |     |   64 posts since 2010
The new name is "Unify Financial Credit Union" (not "Federal".)  Apparently preparing to switch from federal to state charter, which is still federally insured but gives a CU more flexibility in field of membership, mergers, etc.
me1004
me1004   |     |   537 posts since 2010
Yes, you are right: Unify Financial Credit Union. But I would not presume that means any change of charter to state. In fact, they explain that they are changing their name because they want to be better identified as a national credit union, and the "Western" in the name gave people the impression they were simply a local or regional CU.
cactus
cactus   |     |   64 posts since 2010
Changing from "Western" makes a lot of sense. Changing the second word from "Federal" to "Financial" is generally a sign that a CU is considering changing from a federal to a state charter, Still federally insured but gives a CU more flexibility in geographic field of membership, mergers, etc.   As an example, when the federally chartered Caterpillar Employees Federal Credit Union became the Illinois chartered Citizens Equity First Credit Union they were able add employees of  Caterpillar dealerships nationwide to their field of membership.
me1004
me1004   |     |   537 posts since 2010
Well, this is just academic unless and until they do something. But there are various federally chartered credit unions that do not use Federal in their name. A major example is Alliant Credit Union. 
cactus
cactus   |     |   64 posts since 2010
Alliant is not a good example. They are chartered in Illinois
http://mapping.ncua.gov/SingleResult.aspx?ID=67955
Ricochet
Ricochet   |     |   230 posts since 2010
This same thing ( name change )  happened with USAlliance Federal Credit Union.
Now called USAlliant Financial. The CDs here are Callable.
Ricochet
Ricochet   |     |   230 posts since 2010
edit
USAlliance financial
me1004
me1004   |     |   537 posts since 2010
Aha, so you can see how my brain easily switched the word from Financial to Federal. :)  
cactus
cactus   |     |   64 posts since 2010
Interesting...  US Alliance Financial has "Federal" in their legal name but is using "Financial" in their branding. They say "USAlliance Federal Credit Union is doing business as USALLIANCE Financial" on the last page of their Truth In Savings booklet.