On May 2 your Credit Union will have a fresh new business face – OneAZ Credit Union. The change is a result of your Board’s desire to create a more community-centric identity.
While our name will change, our commitment to serving you continues. Same branch managers, tellers and loan officers, same senior management team and Board members – all the familiar faces of people you’ve come to know and trust.
How was this decision made and why?
- This decision emerged as a result of research and evaluation in our marketplace under the leadership of our Board of Directors and the Executive Management team.
- Because of our strength and the state of the financial competition in our state and region, this is the best time to position ourselves for future growth and provide the ability to serve more families, friends and neighbors in our communities who need a quality financial institution.
- Arizona State Credit Union is very proud of our history and heritage, and remains committed to our state government employees, as evidenced by our recent support of the State Employees Charitable Contribution efforts.
- Over the years, Arizona State Credit Union has continued to thrive and prosper; however, in the last few years, it has become apparent that we must also adopt a new name for our Credit Union that more accurately reflects and identifies with the members and communities we serve as a whole in Arizona.
- Additionally, this strategic decision helps position the Credit Union for future growth and the ability to serve even more residents and small businesses in our communities that are looking to develop lifetime financial partnerships.
- Members will always be the most important reason for our success. Our name may be changing but our associates and the high level of personal service they deliver will continue as always.
- We have built this Credit Union on member loyalty, and we remain committed to making this Credit Union the financial institution of choice…one with a social purpose and passion for meeting all our member’s financial needs at any stage of their life and for contributing to the communities in which we all live, work and play.
Why a name change?
- Over the years the Credit Union has expanded from serving only state employees to serving communities across the state of Arizona with 20 branches. This new name better reflects the diversity of the credit union’s membership.
- The new name will strengthen our brand position by minimizing name confusion. It is not uncommon for members and potential members to confuse us with the other local credit unions who also use Arizona as part of their name.
- Additionally, we hear that many residents assume that Arizona State Credit Union is strictly for Arizona State University or state employees.
- The old name worked well for a long time and was functional; however, we want to better communicate who we really are – and, most importantly, what we’re all about.
- Our new name will do that and it’s a true representation of what matters to us most: our members, our associates, our communities, and the relationship we have together…OneAZ Credit Union.
- Our new name is shorter, more direct, less confusing and easier to say.
What about the costs associated with the name change?
- A significant portion of the costs associated with the name change will be amortized over a 10 year period. With the name confusion that we’ve experienced, we risk losing business each year.
- Arizona State Credit Union limits us when marketing to a new community. A well-executed name change can effectively reintroduce our credit union to the community, better relate current and future members, and convey to the community that we are open to serve them.
- A name change followed by a strong rebranding campaign can reach out to new members.
- The fact is we must promote our products and services. Even if we have the greatest product in the world, we will never sell anything if no one knows anything about it. Without advertising there will be no prospects, and without prospects there will be no sales.
- Advertising is an investment – not an expense. We must use advertising channels and target our best prospects.