New York credit union looks for new ‘beginnings’ with rebrand
In part to eliminate confusion about what CFCU stands for, the Ithaca-based credit union is changing its name.
CFCU Community Credit Union in Ithaca, New York, is rebranding as Beginnings Credit Union effective immediately.
The $1.4 billion-asset institution said it is making the change because the meaning of the acronym “CFCU” has evolved multiple times over the years, causing confusion.
When the credit union was first chartered in 1953, it was known as Cornell Federal Credit Union, and served the employees of Cornell University. In 1997, it adopted a state charter and became Cornell FingerLakes Credit Union.
“It’s time we have a strong, unified brand that reflects the reality of who we are today, and shines light on our personal approach to banking. Our new name, Beginnings Credit Union, communicates our commitment to connecting people with better financial opportunities that unlock everyday possibilities,” the organization said.
But why “Beginnings?”
“The name Beginnings Credit Union is packed with meaning. Driven by the idea that there are new beginnings every day, it speaks to anyone who’s ever had a goal,” the credit union said.
With 14 branches and $1.4 billion of assets, CFCU is one of the biggest credit unions in New York State.
The largest credit union based in the Empire State, the $13.4 billion-asset FourLeaf Federal Credit Union, also recently rebranded. The institution was formerly known as Bethpage Federal Credit Union.
CFCU Community earned roughly $5.6 million in 2024, a 24% decrease compared to a year earlier, according to call report data from the National Credit Union Administration.
Membership growth has been a bit of a struggle of late for the credit union as it has only gained about 4,000 members in the last five years and now stands at 77,000, according to the NCUA.
In 2022, CFCU merged with CORE Federal Credit Union, which opened up membership to people in Madison and Onondaga counties.
Membership is now available to anyone who lives, works, worships, attends school or maintains a business in Cayuga, Cortland, Madison, Onondaga, Ontario, Seneca, or Tompkins Counties.
Other credit unions recently announcing rebrands have included APCO Employees Credit Union in Birmingham, Alabama, and Lake Jackson, Texas-based TDECU.
