El Paso's 3rd-largest credit union changes name to remove teachers-only perception

The 86-year-old El Paso Area Teachers Federal Credit Union in recent years has served more than teachers, but its name made it difficult to get that message across.

Even after it rebranded itself just over a decade ago as TFCU, many people, even some of its membership, continued to think the city's third-largest credit union was only for teachers, said Ale Loeza, TFCU’s marketing and public relations manager.

It’s membership, now numbering 77,100 customers, is open to anyone who lives, works or worships in El Paso County, Loeza said. That’s the case for other El Paso credit unions.

That’s why TFCU officials decided it makes sense to rebrand with a whole new name.

Its new name, Raiz Federal Credit Union, was publicly unveiled late Friday afternoon at a news conference and social event at the Region 19 Starlight Event Center in East Central El Paso.

“Raiz is the Spanish word for root, which honors the credit union’s heritage as a financial institution founded by teachers, sharing a passion for knowledge and a pursuit of growth,” Loeza said prior to the name unveiling. “It also reflects this area’s Hispanic culture, rooted in community.”

The name, pronounced rrah-ees in Spanish, will be pronounced as “rise” in the credit union’s English-language marketing because “we are rising and invite the community to move forward with us,” she said.

"It's a branding technique," Loeza said. It's using one name to provide two meanings, she said.

The new name also will help if the credit union expands outside El Paso, as it may do in the future, she said.

It has $908 million in assets, 10 El Paso-area branches, and 220 employees.

The new name was developed with the help of Monigle, a large, brand-consulting firm headquartered in Denver. The cost for developing the new name was not divulged.

The credit union's new logo has Raiz in blue letters next to a red box representing an El Paso architectural archway with a line going up like a profit line in a financial chart, Loeza said.

The new name will be phased in, with the credit union’s website changing to Raiz on Aug. 8, and new signs at the branches also going up in August, Loeza said.

Other El Paso credit unions have rebranded in the past several years for reason’s similar to TFCU’s − to reflect a much-wider membership base than their original names implied.

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In 2012, El Paso Employees Federal Credit Union rebranded to Evolve Federal Credit Union. In 2005, Fort Bliss Federal Credit Union changed its name to FirstLight Federal Credit Union.

And many years ago, Government Employees Credit Union rebranded as GECU. It’s this area’s largest credit union, and one of the largest in Texas.

In conjunction with its rebranding, Raiz is beginning three programs to provide grants and scholarships in El Paso. It will provide grants of $25,000 each to two nonprofit organizations annually; $3,500 professional development grants annually to one teacher in each of El Paso County’s nine school districts; and $5,000 scholarships to two students annually at the University of Texas at El Paso’s Banking Academy and College of Education.

Vic Kolenc may be reached at 546-6421; vkolenc@elpasotimes.com; @vickolenc on Twitter.

This article originally appeared on El Paso Times: El Paso's 3rd-largest credit union's new name reflects wide membership