Alliance Credit Union plans to rebrand as Excite

Alliance Credit Union in San Jose, Calif., will change its name to Excite Credit Union on Aug. 1.

The $483 million-institution stated on a notice on its website that it decided to rebrand because the old name was too “confusing.” There are more than 20 credit unions across the country and more than 115 financial institutions with a similar name.

The credit union also said that the name Alliance was “dated” and they were in need of a more “modern and attractive” name.

Alliance CU noted that over the next few months it will enact several cosmetic changes, such as updating its exterior signage, brochures, stationary and creating a new website.

Name changes can be time-consuming and costly affairs, but, if done properly, could lead to significant improvements in a credit union’s bottom line, experts have said.

Alliance posted net income of about $1.9 million in 2018, up 1.3 percent from the prior year. The credit union’s membership edged up by 4 percent to roughly 39,200 over that same period.