Teachers Credit Union on Tuesday announced it is changing its name after more than 90 years in business. On June 26 the financial institution will become Everwise Credit Union.
TCU is the largest credit union in Indiana and the nonprofit's website says it has over 300,000 members. In a letter sent to members on Tuesday, CEO Jason Osterhage clarified the union has not been bought and the name change is meant to reflect that fact that the group serves more than just educators.
"Our community is ever-evolving and diverse and — while our support of local educators remains unchanged — it is simply time our brand reflected the stories of all our members," Osterhage said in the letter.
Locally, TCU has leant its financial support to businesses and has sponsored athletic complexes like Penn High School's Freed Field and South Bend's School Field.
The former TCU is the latest credit union to change its name in recent years after studies have shown a significant amount of potential customers believe financial institutions named after an occupation only accept members of that occupation. Many credit unions, which differ from banks in that they are nonprofits, were originally founded to serve customers of a specific occupation, but has long ago been open to anyone.
TCU will officially become Everwise on June 26, though customers old cards and checks will still work.