The 86-year-old El Paso-area Federal Teachers’ Credit Union has served more than just teachers in recent years, but its name has 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 members, continued to think the city’s third-largest credit union was reserved. to teachers, said Ale Loeza, TFCU’s marketing and public relations manager.
Its membership, which now has 77,100 customers, is open to anyone who lives, works or worships in El Paso County, Loeza said. This is the case for the other credit unions in El Paso.
That’s why TFCU officials decided it made sense to rebrand to a brand new name.
Its new name, Raiz Federal Credit Union, was publicly unveiled Friday afternoon at a press 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 ahead of the unveiling. by name. “It also reflects the Hispanic culture of this area, rooted in the community.”
The name, pronounced rrah-ees in Spanish, will be pronounced as “rise” in the credit union’s English-language marketing because “we stand up and invite the community to come up with us,” she said.
“It’s a trademark technique,” Loeza said. It uses one name to provide two meanings, she said.
The new name will also help if the credit union expands outside of El Paso, as it may in the future, she said.
It has $908 million in assets, 10 branches in the El Paso area and 220 employees.
The new name was developed with the help of Monigle, a leading Denver-based brand consulting firm. The cost of developing the new name was not disclosed.
The credit union’s new logo has Raiz in blue lettering next to a red box depicting an El Paso architectural arch with a line rising 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 signage at branches will also be installed in August, Loeza said.
Other credit unions in El Paso have changed names in recent years for similar reasons as the TFCU—to reflect a much larger membership base than their original names implied.
In 2012, El Paso Employees Federal Credit Union was renamed Evolve Federal Credit Union. In 2005, Fort Bliss Federal Credit Union changed its name to FirstLight Federal Credit Union.
And many years ago, the Government Employees Credit Union was renamed GECU. It is the largest credit union in this region and one of the largest in Texas.
Along with its rebranding, Raiz is launching three programs to provide grants and scholarships to El Paso. It will provide grants of $25,000 each to two nonprofits each year; $3,500 in professional development scholarships per year to one teacher in each of nine school districts in El Paso County; and $5,000 scholarships to two students each year at the University of Texas at the Banking Academy and College of Education in El Paso.