University of Iowa Community Credit Union will change its name to GreenState Credit Union, to comply with a change in state law.
When Gov. Kim Reynolds last year approved the state budget bill, it included an amendment banning Iowa credit unions from using a name affiliated with state universities. The University of Iowa Community Credit Union, or UICCU, had until April 30 to change its name.
Officials said the credit union reached out to members and received thousands of name suggestions. A committee, comprised of staff, a volunteer board and members, narrowed down the selection. The UICCU board of directors unanimously selected GreenState Credit Union.
The new name, officials said, does not reflect a political stance.
"Green for us is life, health and new growth. It's also a reflection of the agricultural state in which we were born," officials said in a statement.
The implementation of new signage and other branding materials, estimated to cost around $2.5 million, will happen late this summer, according to the company website.
The cooperative was established in 1938 as the State University of Iowa Hospital Employees Credit Union, created to serve the staff of the university hospital. In 1966, it became the University of Iowa Credit Union after expanding to serve all staff, students and alumni. In 1988, the word "community" was added, as the credit union expanded to serve all residents.
Officials said there will be no change to staff, branches, products or member account numbers. There will be no need for members to order new debit or credit cards or checks.
UICCU operates Quad-City branches in Bettendorf and Davenport. The credit union plans to build a new branch on Kimberly Road and Brady Street, in the lot formerly occupied by Toys R Us.
"GreenState was inspired by a member who flew back to the state of Iowa after a long time away," officials said in a statement. "From the rolling valleys of farm ground to the trees that speckle our landscape, Iowa appeared to them as a warm welcoming 'quilt' of green. So in order to pay tribute to our birthplace, we chose GreenState, and have since developed a logo representing the diverse and vibrant colors of Iowa."