Linn Area Credit Union will change its name to Corda Credit Union on May 6, officials have announced, as part of a campaign to expand the financial institution’s reach.
“Corda” is the Latin word for “hearts,” according to officials, and the new name reflects a commitment to the financial institution’s members and communities.
“We believe our current name is geographically limiting and creates confusion over membership eligibility,” credit union leaders said in an online Q&A document explaining the name change. “We also understand not everyone in our current membership lives or works in Linn County, and our name is not inclusive of every member we serve. Due to this, we recognize our name has been an obstacle for some people in joining our credit union and experiencing the benefits that come with being a member of our organization. As a result, the Board of Directors made a unanimous decision to change the credit union’s name in order to welcome more members.”
The credit union’s management team and board of directors worked with an “experienced and respected branding firm” to select the new name, officials said.
The new Corda Credit Union name will be reflected with credit union branches, website, mobile app and marketing materials, but the institution’s ownership will not change, and the renaming is not part of any merger or acquisition, officials said.
“As Iowans, we strive to build lives and legacies that stand the test of time,” officials said. “We invest our heart into everything we do. As a credit union that is proud to serve our state’s families and communities, we keep our heart at the center of who we are as Corda Credit Union — in both our name and our actions.”
The credit union’s charter encompasses anyone living in a defined 22-county region in Eastern Iowa, and that scope will not change with the renaming, officials said. That region includes Benton, Black Hawk, Bremer, Buchanan, Cedar, Clayton, Clinton, Delaware, Dubuque, Fayette, Iowa, Jackson, Johnson, Jones, Keokuk, Linn, Louisa, Muscatine, Poweshiek, Scott, Tama and Washington counties.
Most other credit union operations will also be unaffected, and debit cards and other banking materials will be updated to the new name as they expire.
The financial institution was founded in 1935, when eleven Cedar Rapids teachers each put up $5 of their own money to form this credit union, where the funds deposited by teachers would be lent out to their co-workers. At the time, it was called the Cedar Rapids Teachers’ Credit Union.
By the end of that first year, the credit union had 72 members and the largest loan granted was for $150.
In 1966, the name was changed to Cedar Rapids Community Schools Employees’ Credit Union to allow all Cedar Rapids school employees (other than just teachers) the option of joining.
In 1975, the name was changed to Linn Area Schools Credit Union to allow membership to any educational institution employee in the county – public or private. The following year, the credit union merged with Kirkwood Community College Credit Union.
In 1982, the institution’s name was changed once again, to Linn Area Credit Union. After renting space throughout its history, the credit union bought its first building, which is the the current branch at 619 20th Ave. SW.
In 1996, the credit union built its branch at 3015 Blairs Ferry Rd NE and introduced debit cards. Additional branches were built at 3330 Mount Vernon Rd. SE in 2003, at 3700 Edgewood Rd. SW in 2011 and at 3375 Seventh Ave. in Marion in 2013.
