Add Washington Gas Light Federal Credit Union to the list of legacy CU names that have been retired, as on Monday the Springfield, Va.-based CU officially rebranded as TruEnergy Federal Credit Union.
The credit union was chartered in 1939 to serve employees of local utility Washington Gas Light. In recent years it has expanded its charter to enable it to offer financial services to additional energy-related companies.
According to Lynette Smith, president and CEO of the $123 million-asset institution, the name change is just one component of a “complete rebranding effort,” including a redesigned logo.
“New growth and expansion helps keep the credit union strong and healthy,” Smith said in a statement. “As we continue to welcome new members from the energy industry, the timing was perfect to change our name to one that encompasses all those we serve, past, present and future.”
The credit union’s “logistics” remain the same, Smith continued, noting there will be no changes to its staff, management or board of directors, nor will there be changes to member accounts. She said it is important for the credit union to stay true to its heritage.
“Our legacy is rooted in Washington Gas Light FCU,” Smith said. “It is our foundation that has enabled us to grow and provide credit union services to even more people in the energy community. This is truly the cooperative spirit in action, and we look forward to continuing to deliver excellence under the TruEnergy name.”
The credit union noted its new logo incorporates elements of the previous logo, with the addition of four elements that represent its future: energy, movement, strength and security.
The rebranding effort will introduce a new tagline: “Empowering Members. Changing Lives.”
In its most recent call report, the credit union said it had more than $215,000 in net income last year, a significant jump from 2017 when it earned just under $40,000. As of Dec. 31, 2018, its net worth ratio was 13.19 percent (“well capitalized”).
