Heritage Trust Federal Credit Union in Summerville, S.C., has rebranded as REV Federal Credit Union.
The change is part of a “greater strategic vision to better position the credit union and elevate its commitment to employees, members and the community,” according to a press release on Saturday. The effort began last year when the $646 million-asset institution assessed its brand and found that it could market itself as “a more modern financial institution,” according to the press release.
The new name of REV was picked because of the positivity and energy it projects, the credit union said.
As part of the new strategic direction, the credit union will also refigure its branch network by closing two locations – one in Summerville and one on a military base in Charleston – because of overlap in service and to improve its efficiency. It will then add a branch in a development in the Charleston Peninsula area to better reach members and employer groups there.
The credit union has more than a dozen branches, according to data from the National Credit Union Administration.
REV will also provide better rates on loans and deposits and additional products and services as part of the new strategic effort.
“I’m excited to unveil our strategic vision and lead the credit union into a new era,” Jason Lee, president of REV, said in the press release. “As REV Federal Credit Union, we will be elevating the credit union in a more modern, relevant and progressive direction. However, the transformation is much more than just a name change. The strategic vision will see marked improvements in member experience, branding and community outreach efforts, and internal efficiencies.”
Lee was named as the credit union’s
REV earned $3.3 million last year, up almost 41% from 2018, according to call report data.
