SAC Federal Credit Union in Papillion, Neb. is now Cobalt Credit Union.
The name change took effect August 1 as the credit union simultaneously pursues a charter change that will allow for further expansion.
The $1 billion-asset institution serves 110,000 members in 14 counties across Iowa and Nebraska.
The credit union explained that its desire to “present an inclusive credit union that is built for everyone,” inspired the name change. Cobalt CU has been open to all local residents for more than a decade, but research conducted in 2017 showed that 58 percent of all community members perceived the credit union as only open to military personnel.
“We have a rich history of serving military personnel and their families,” said Gail L. DeBoer, president and CEO of the credit union. “That has not, and will not change. At the same time, we want residents in all of the communities we serve to know that Cobalt is their credit union.”
DeBoer told CU Journal via email that the new name was selected in part because “Cobalt is an intense, strong, powerful element,. Cobalt, when combined with other elements, makes those elements stronger -- much like when we as a credit union work with our members, their financial path becomes stronger. Cobalt embodies words like vibrancy, stability and trust. These are words that we as an organization emulate daily with our members.”
DeBoer added that the star and color choices in the CU's logo "are paying tribute to our Air Force roots.”
As for the planned change in charter, the credit union is seeking to further expand into Lancaster County, Neb., and beyond.
“Under our current federal charter, we are unable to expand into additional counties,” DeBoer added. “We want to be a trusted resource throughout Iowa and Nebraska, and this proposed change in charter enables us to do that.”
Current credit union members will vote on the proposed charter change on August 23.
The credit union posted net income of about $3.8 million in the first half of 2018, after recording net income of about $7.3 million in 2017.
