South Bend

SOUTH BEND ― One of the region's largest financial institutions and the largest credit union in Indiana will officially change its name on June 26.

Since its founding here in 1931, the Teachers Credit Union name has been part of the fabric of the region, serving thousands of customers but also lending its financial support to businesses and sponsorship to sports complexes and other initiatives in the area.

None of that will change when the member-owned institution officially changes its name to Everwise Credit Union at the end of the month, according to Jason M. Osterhage, president and CEO. "Though we will always support local educators, it is simply time our name reflected all the members we serve today and the growth ahead," he said.

More:Renovation moves into the home stretch at TCU headquarters in downtown South Bend

Members were notified of the change on Tuesday via email alerts and mailings. New debit and credit cards will be issued beginning in July and TCU's website will be changed on June 26, but none of those will require action by consumers.

The old cards will continue to work, the current website will automatically redirect to everwisecu.com and even TCU checks can be used until consumers or businesses need to reorder, Osterhage said.

"We’ve talked about it over the years, but we really started digging into it five years ago," said Angie Dvorak, chief marketing and growth officer for TCU. "Our name was becoming more of a struggle, not reflective of the diverse backgrounds and professions of our members."

Beginning about a year ago, teams at TCU started digging into the logistics of the name change after the decision was made to proceed with the project, said Dvorak, who estimated that most of the sign changes and other rebranding should be completed by the beginning of August.

Countless other credit unions here and across the country have changed their names over the past decade or so to reflect the loosened requirements to join their organizations, which were initially formed to serve a specific company or profession.

United Federal Credit Union, for example, was initially formed to combine credit unions that served employees at Whirlpool Corp. and Clark Equipment.

From 2015:United Federal grows

Just five years ago, there were 200 credit unions across the country with the word teacher in their name, and today, that number has been cut in half, Osterhage said, adding that Evansville Teachers Federal Credit Union changed its name to Liberty FCU last year.

Liberty Federal Credit Union:Evansville-based credit union says new name reflects widespread growth

TCU research showed that two-thirds of its potential customer base thought they were precluded from joining the financial institution because of its name when, in fact, membership is available to anyone who is a resident in Indiana or southwestern Michigan, he explained.

The new name is meant to give a nod to the educational roots of the financial institution without suggesting that its services are limited to those who are teachers.

With just under $5 billion in assets, TCU has grown to become the 71st largest credit union in the country with some 300,000 members and more than 50 branches throughout Indiana and southwest Michigan.

Email Tribune staff writer Ed Semmler at [email protected].