The credit union serves residents in eight counties, but there was a misconception among some residents that they had to work for the International Harvester Company to do banking with the credit union, Looney said. It is hoped the new name and logo will change that perception.
“We do obviously feel like it will help us grow because because in the past, even though we really tried to get the message out there that you don’t have to work at the plant, the message wasn’t resonating with people when they read that name,” Looney said.
The credit union started a contest in August last year, allowing residents to submit their suggestions. The IH Credit Union stuck out because many residents already refer to the company by that name, she said.
“We had a lot of different name suggestions and that was one that just occurred really frequently,” Looney said. “It’s kind of what we’re known as in the area anyway and what we’ve been called for many years, so we decided to go ahead and officially change the name.”
IH Credit Union was founded in 1924 by employees of the International Harvester Company. The non-profit firm now has four locations: 5000 Urbana Road, 145 W. High St. and 1427 W. First St. in Springfield, as well as 731 Scioto St. in Urbana. The credit union has just shy of 50 employees.
The credit union’s logo has changed a handful of times over the years, but the name has remained the same since it was founded, Looney said.
Ideally, the new name will make it more clear to area residents they are allowed to use the credit union’s services, helping the organization grow in the long run, she said.
“The name is part of a rebranding strategy but really a growing strategy because we want to be able to reach people that feel like they don’t have access to us right now, but in reality they do,” Looney said.
The company has added branches in Urbana and West First Street in Springfield within the last six years, she said.
The organization’s website has already been updated and customers will receive letters notifying them about the change this week. The company’s signs will likely be changed within the next five weeks or so.
“We’re always looking to grow,” Looney said. “I wouldn’t be surprised to see more locations in the future, and obviously we would be hiring new employees as well. We’ve been consistently growing as far as new locations and employees.”
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