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Members Almost Unanimous in Approval of New Name

By a resounding margin of more than 96 percent, the members of Elkhart County Farm Bureau Credit Union (FBCU) approved Interra as the new name of their credit union.

In Indiana, where FBCU is headquartered, name changes of state-chartered credit unions must be approved by at least a 75 percent margin, the stiffest requirement in the country.

The approval process for the new name included in-branch voting the week prior to the annual meeting, as well as voting at the meeting, held March 17.

More than seven months ago, the American Farm Bureau Federation (AFBF) sent a formal request to FBCU, requesting the credit union adopt a new nwame. In its request, the AFBF cited its national trademarks on both “Farm Bureau” and the initials “FB.” The credit union was founded more than 76 years ago by local Farm Bureau Association members and co-op employees and they used “Farm Bureau” in the credit union’s name.

Over the years, FBCU has grown, expanded and holds significant “brand equity” within the membership and in the local communities it serves. Before proceeding with a name change, the credit union consulted a trademark attorney and reviewed all options, including an offer by the AFBF to enter into a license agreement. Holding true to the cooperative principle of autonomy and independence, FBCU rejected that option.

Ultimately embracing the AFBF’s request as an opportunity to rebrand itself, the credit union partnered with the financial branding and naming experts at Weber Marketing Group to develop a naming strategy. The first step was to form a Naming Committee, which consisted of FBCU members, management, staff and board representatives. The naming team set out to find a new name that would honor the credit union’s agricultural and community traditions, while simultaneously appealing to new generations of potential members.

Weber Marketing generated more than 300 potential names, and suggestions from staff and credit union members were also welcomed. Using the firm’s strategic process, the naming team considered nearly 100 different options in four rounds over an eight week period. Each name was evaluated for its “brandability” and trademark availability.

‘Interra’ Name Honors Credit Union’s Roots

The process culminated with the unanimous selection of “Interra” by the naming committee. The name can be literally interpreted as “Indiana land,” with “In” representing Indiana, and “terra” meaning land.

“We wanted a name that spoke to our area and our members,” said Jack Sheets, president of the credit union. “Interra does just that. It makes a connection back to our agricultural and community roots.”

The new name is also much shorter than the current name while lending itself to unique branding opportunities and visual elements.

Soon after the naming team’s selection, the FBCU Board of Directors unanimously approved the name for the membership vote.

Communications Vital Throughout Process

Together with Weber Marketing, the credit union crafted a communications strategy that helped members through the process. It started with a letter sent late last November informing members about AFBF’s position, ensuring them that the credit union was not sold, and detailing the path the credit union planned to take. Subsequent progress updates kept members informed every step along the way, including website announcements, articles in the monthly newsletter and in-branch information. Another member letter was sent when it was time to approve the Interra name.

Credit union officials also communicated directly with the Elkhart County Farm Bureau and Indiana Farm Bureau Insurance throughout the name change process. These relationships continue to be positive, and their members remain within the credit union’s field of membership.

“A name change can be an emotional undertaking,” said Mark Weber, president and CEO of Weber Marketing. “The credit union’s transition to Interra could not have gone more smoothly. It’s a reminder to credit unions considering a name change how important it is to have a well-defined strategy that’s supported by proactive member communications and positive engagement.”

“We believe Interra has been so well accepted by our members because it is a name with a ‘story’ that ties back to our history and heritage,” said Sheets. “Yet it allows us to move forward with a unique and progressive name.”

Weber Marketing continues to work with the credit union to build a fresh, new brand identity to go along with the Interra name, which will roll out in a few months.
The credit union currently has a federal trademark application pending with the U.S. Patent and Trademark Office.