BAKERSFIELD, Calif.–Kern Federal Credit Union is changing its name. Effective Feb. 1, 2019, it will be Strata Credit Union.
The $250-million credit union said it was making the move to eliminate confusion in the marketplace; there are five other California credit unions with some form of the county’s name, Kern, in their names.
The name change comes as Kern FCU also prepares to celebrate its 70th anniversary.
"We are very excited about our new name and the future of our credit union," said KFCU CEO, Brandon Ivie in a statement. “This change is one of many steps we are taking to position the credit union for sustained, healthy growth for the next 70 years and is not a result of a merger or acquisition. By selecting our new name, we have made an investment in our future and have eliminated confusion with other similarly-named financial institutions in the area. We believe ‘Strata’ provides a foundation for growth in the years ahead."
In a statement, Kern FCU said it plans to double its assets over the next five years.
Jennifer Brucker, KFCU’s VP-sales and membership, said the new name was chosen because it’s “distinctive, memorable, and suggests a smarter, more community-minded banking choice. Like our membership and community, Strata are a foundation whose strength is composed of its many parts. Our new name will also feature the tagline 'for life’s priorities' to reflect our credit union's proactive service, better rates, lower fees, easy access to state-of-the-art banking technology, and culture of member advocacy."
Kern FCU said further announcements would be coming in January.
KFCU has approximately 20,000 members.