ROANOKE TIMES
Copyright (c) 1996, Roanoke Times
DATE: Thursday, June 13, 1996 TAG: 9606130030
SECTION: BUSINESS PAGE: B-8 EDITION: METRO
SOURCE: MAG POFF STAFF WRITER
AFTER JULY 15, we can call it ``Member One.''
N&W Federal Credit Union of Roanoke, one of the state's largest savings associations, said Wednesday it has changed its name to Member One Federal Credit Union.
Joe Hopkins, a credit union director and chairman of its board's name change committee, said the matter has been under consideration for more than 18 months.
The new name became effective in April, but it won't be used officially until July 15. The name change was announced Wednesday when the credit union revealed its $2million expansion of the main office in downtown Roanoke.
Hopkins emphasized that no merger, acquisition or other change is involved in adoption of a new name.
The old name dates to 1940, when the credit union opened to serve employees of the former Norfolk & Western Railway of Roanoke, a predecessor of Norfolk Southern Corp.
Dick Williams, president of the credit union, said it currently has members from more than 250 area companies. Membership is also open to everyone who lives or works in Franklin County.
He said the credit union today has a diverse membership, including many who are not affiliated with the railroad. N&W still has significance in Roanoke, he said, but it is less recognized in Franklin County and among newcomers to the area.
He pointed out that many banks and credit unions have changed their names to reflect their expansions and changing times. "We feel it is important to position the credit union to be certain we attract everyone who is eligible to join and benefit from credit union services," Williams said.
The building expansion added 12,000 square feet of space to the credit union's headquarters building at 202 4th St. N.E. Back-office operations were consolidated at the site, which now houses half of the credit union's 100 employees.
The credit union has $108million in assets and more than 40,000 members. It has six branches: three in Roanoke, one in Salem, one in Rocky Mount and one in Virginia Beach.
|By MAG POFF| |STAFF WRITER|
N&W Federal Credit Union of Roanoke, one of the state's largest savings associations, said Wednesday it has changed its name to Member One Federal Credit Union.
Joe Hopkins, a credit union director and chairman of its board's name change committee, said the matter has been under consideration for more than 18 months.
The new name became effective in April, but it won't be used officially until July 15. The name change was announced Wednesday when the credit union revealed its $2 million expansion of the main office in downtown Roanoke.
Hopkins emphasized that no merger, acquisition or other change is involved in adoption of a new name.
The old name dates to 1940, when the credit union opened to serve employees of the former Norfolk & Western Railway of Roanoke, a predecessor of Norfolk Southern Corp.
Dick Williams, president of the credit union, said it currently has members from more than 250 area companies. Membership is also open to everyone who lives or works in Franklin County.
He said the credit union today has a diverse membership, including many who are not affiliated with the railroad. N&W still has significance in Roanoke, he said, but it is less recognized in Franklin County and among newcomers to the area.
He pointed out that many banks and credit unions have changed their names to reflect their expansions and changing times. "We feel it is important to position the credit union to be certain we attract everyone who is eligible to join and benefit from credit union services," Williams said.
The building expansion added 12,000 square-feet of space to the credit union's headquarters building at 202 4th St. N.E. Back-office operations were consolidated at the site, which now houses half of the credit union's 100 employees.
The credit union currently has $108 million in assets and more than 40,000 members. It has six branches: three in Roanoke, one in Salem, one in Rocky Mount and one in Virginia Beach.
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