Why Does LFCU Want To Become More Like A Bank?
Lockheed Federal Credit Union (LFCU) wants to change its name to Logix. We think Logix is a cool name, but it is a techie, computer type of name, not a name for a credit union. What is really strange is that LFCU already has a great name: “Lockheed”. What could be better than that? It’s a name that has been around since the 1920’s (although the company goes back to 1912). “Lockheed” is a strong-sounding name, a power name, a name that reflects the company history of building fighting aircraft, planes that had a big part in the U.S. victory in World War II. It’s a name that projects power, security, and integrity. As a name for a credit union, it doesn’t get any better than that.
The other thing that seems to be happening, along with the change in name to “Logix”, is a drift to make LFCU seem more like a bank and less like a credit union. Although they say they are going to remain a credit union, the new tag line on their new name is “smarter banking”. In other words, their image is morphing a bit, a name (Logix) that is a nebulous techie-type name that suggests a company making electronic parts, and a tag line with the words “smarter banking”. They are entering the grey area of imagery and leaving behind the strong, powerful name with 80 years of history and strong imagery in print, movies, news, aircraft production, and solid reality.
Lockheed Federal Credit Union’s web site acknowledges that credit unions are under attack by big banks. Here’s what they say:
“BANK ATTACKS. CREDIT UNIONS FIGHT BACK!
Banks want to eliminate credit union competition
We need your support to fight the banking industry’s relentless attacks on America’s credit unions. The attacks are serious – the American Bankers Association has ranked taxing credit unions as its number-one priority – ahead of combating terrorism!”
LFCU understands completely the threat the big banks are posing. So then why in the world are they abandoning their great, strong name and drifting toward the banking imagery? The clock is ticking, the big name change is coming on July 9th. That’s when the high stakes game begins, with a lot of money being spent on this name and image changeover. With 3 billion in assets, this is indeed a big play for Lockheed. Will this send LFCU on a road to greater benefits for its members, or as some fear, will it send it drifting over a financial cliff?