PAPILLION, Neb.–SAC Federal Credit Union is changing its name.
The $1-billion credit union, founded to serve the Strategic Air Command in 1946, said it will now operate as Cobalt Credit Union.
SAC FCU, which now serves approximately 110,000 members in its home state as well as Iowa, said despite the community charter its research had found that more than half of eligible members still believed membership was limited to military personnel.
“We have a rich history of serving military personnel and their families,” Gail DeBoer, president and CEO, told the Omaha World Herald. “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.”
Cobalt currently serves five counties in Nebraska and nine in Iowa, and with the name change is also seeking to expand into Lancaster County, Neb.
Members are to vote on the proposed FOM change on Aug. 23.
The credit union said that its charitable arm, the SAC Foundation, will maintain its name.