This article was originally published March 4, 2019. The CBJ is revisiting some of the biggest stories from the last 20 years, in celebration of our anniversary.
Forced by a new state law to give up its longtime name by April 30, University of Iowa Community Credit Union (UICCU) has applied for the trademark GreenState Credit Union to replace it.
“GreenState was inspired by a member who shared their feelings when flying back to the state of Iowa after a long time away,” CEO Jeff Disterhoft said to members in a Feb. 27 email. “From the rolling valleys of farm ground to the trees that speckle our landscape, Iowa appeared to them as a warm welcoming ‘quilt.’ 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.”
The credit union’s board of directors received “thousands of name ideas to consider” from members in an open process, according to the email, and a committee of staff, volunteer directors and members narrowed the list to a few that were reviewed by trademark attorneys. The board selected GreenState from the finalists, and a trademark application was submitted. The credit union hopes to hear back from the U.S. Patent and Trademark Office by the end of March, allowing it to begin the name transition.
The name change is expected to cost the credit union about $2.5 million, according to a Q&A provided to members.
Pressure to drop the University of Iowa from the credit union’s name was widely regarded as a political response to concerns from the banking industry over UICCU’s rapid growth and the tax advantages enjoyed by member-owned credit unions. The University of Northern Iowa Credit Union in Cedar Falls, which has not grown as fast, also falls under the name change requirement.
