Deere credit unions to change names

Northwestern Financial Review, Feb 1-Feb 14, 2005

Notes, news and views on community bonking

The John Deere Community Credit Union will be changing its name this year. Deere & Co., asked the Waterloo, Iowa credit union and two others to change their names. The company said the names imply an affiliation between the credit unions and the tractor manufacturer. The credit unions, which include the Deere Harvester Credit Union in East Moline, Ill., and the Deere Community Federated Credit Union in Ottumwa, Iowa, are not affiliated with Deere & Company.

When founded in 1934, the John Deere Community Credit Union served only John Deere employees, but in 1984 the credit union adopted a community charter and expanded its services to everyone in a 32-county market. With about $1 billion in assets, it is the largest credit union in Iowa.

Jean Trainer, president and CEO of the credit union, said a task force will be formed to come up with a new name. A special membership meeting will be conducted to approved new articles of incorporation and the new name. Newspaper reports said it may take John Deere Community Credit up to three years before sign changes and other branding elements are complete.

Deere & Co., is permitting the Deere & Company Credit Union in Moline, Ill., to retain its name since it serves only Deere & Co. employees.