SCHAUMBURG, Ill.–The $900-million Motorola Employees Credit Union said it will be changing its name later this year to Andigo Credit Union.
It expects to make the change in September.
"MECU has been helping people manage their finances conveniently whenever and wherever they go for a long time,” said CEO Mike Murphy. “Although much has changed over the years, some things haven't. We have always been member-owned and not-for-profit, so we have always put the needs of our member-owners first."
Murphy added that the credit union will remain committed to serving the needs of Motorola Solutions, Motorola Mobility and their employees. “The new name better reflects who we are today. Andigo, which sounds like indigo, highlights our promise that wherever you go, Andigo goes with you,” said Murphy.
The credit union said the new name also reflects its roots. Motorola pioneered the car radio and cell phone products that allowed people to live their lives on the go.
"Our new tagline, ‘Lose Your Bank & Let's Go,’ reinforces that Andigo isn't a bank,” added Murphy. “Banks are for-profit institutions that exist to benefit their shareholders. Instead, Andigo is a cooperative that exists to deliver value to our member-owners through competitive rates, lower fees and personalized service."