SCRANTON—A new year will mean a new identity for Tobyhanna FCU here, which is set to rebrand itself as Valor Credit Union, effective Jan. 5, 2015.
The credit union, which was launched in 1954 to serve the banking needs of military personnel and civilians at Tobyhanna Army Depot, has over time expanded its membership to serving families throughout Northeast Pennsylvania—a shift which now constitutes 66% of the credit union's membership.
"This decision was not simple, and it was not made in haste," the CU said in a letter to members posted on its webpage. "The board reached this decision after significant research, deliberation and consideration of the strategic plan. As a result of this rigorous decision-making process, we are confident that a new name and brand will help us continue to empower our communities, strengthen our outstanding service and deliver the financial services people in Northeast Pennsylvania need and deserve."
Valor remains a federally chartered credit union, but has dropped the "federal" from its name.
This is the $208 million credit union's third name change, and the CU told members its new moniker "honors our pride in Tobyhanna Army Depot's military personal and civilian employees—today and in the future. Valor also unites our entire membership by celebrating the strength of every new member and conveying our determination to serve them with new opportunities that make their banking easier, more secure and more rewarding."
The credit union's board and management team worked with a branding firm to come up with a new name, while also testing it out with a focus group of current and potential members. The rebranding is also intended to remove the perception that membership is only eligible to persons directly associated with Tobyhanna Army Depot.
The CU added that the new name "puts the credit union in the best position possible for long-term growth."
While still doing business as Tobyhanna FCU, the credit union earned $1.4 million in net income during the first three quarters of 2014, following a net income of $823,000 for all of 2013.