Newport News Shipbuilding Employees’ Credit Union in Newport News, Virginia will officially change its name to BayPort Credit Union in November, 2007.
When Newport News Shipbuilding Employees’ CU was organized in 1928, only shipyard employees were eligible for membership. Today, the entire 1.7 million population of the greater Hampton Roads and Chesapeake Bay community is eligible to join the $950 million credit union.
According to President and CEO George Dudley, “Our original sponsor, Newport News Shipbuilding, was purchased by Northrop Grumman in 2001. Research showed that the old name was often seen as too long, confusing and unwelcoming by some existing and potential members.
“The name BayPort is more inclusive of the Chesapeake Bay area we serve, and welcomes our communities to join our great financial cooperative,” added Dudley. Weber Marketing worked with a joint team of credit union Board members and management to conduct market research, carefully evaluate hundreds of names and develop a new brand program.
Mark Weber, CEO of Weber Marketing said, “After researching the brand equity that Newport News Shipbuilding Employees’ CU has built over the past 80 years, we knew the new name had to capture the spirit of their shipbuilding legacy and their communities’ pride in the Chesapeake Bay region. It also needed to welcome a new generation of consumers looking for a better financial experience. The credit union chose BayPort because it reflects their connections to the many port cities of the Greater Hampton Roads area while providing a link to their Newport News heritage.”
Newport News Shipbuilding Employees’ CU conducted a variety of focus groups among members, potential members and staff to gather feedback and direction in building the new name. The name change is part of a simultaneous rebranding project led by Weber Marketing. The new brand will include two TV spots and a rollout campaign scheduled for January 1, 2008.
“We appreciate the expertise provided by Weber Marketing to help us build a new name and brand that will carry us forward for years to come,” said Monte Crowl, VP Marketing at Newport News Shipbuilding Employees’ CU.
“When we revealed the name and the focus of our new brand story to our staff, they erupted and cheered in a standing ovation,” added Dudley.
First Federal Bank is now Vantus Bank
Another Weber Marketing client, First Federal Bank in Sioux City, Iowa officially changed its name to Vantus Bank on September 4.
As stated in an article in the Sioux City Journal, the new name is aimed at differentiating the bank from multiple competing institutions in the Sioux City area using the “First Federal” name. “Vantus” is derived from the word “advantage,” and speaks to the unique benefits Vantus offers its customers. The name is highly distinctive and differentiates it from other banks.
According to Michael Dosland, President and CEO of Vantus Bank, “We are pleased with our customer and employee responses to our new name. Our new identity is important to our future plans to expand customer services and banking locations.”
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[...] a Weber Marketing press release, the firm says, “’Vantus’ is derived from the word ‘advantage,’ and [...]