The Greater Abbeville Federal Credit Union in Abbeville, S.C., changed its name to HopeSouth Federal Credit Union this week, launching a rebranding initiative with a new graphic identity, logo and website.
“Our new logo change is not just an outward appearance. With our new brand, we intend to build on our past legacy and establish a strong emotional connection with our members,” HopeSouth President/CEO Faye Crocker (pictured below) said. “It’s all about taking the success we’ve had and letting more people know about it.”
HopeSouth’s roots date back to 1972 as Flexible Tubing Employees Federal Credit Union, serving the people who work in the Abbeville plant of Flexible Technologies Inc. In 1985, the credit union changed its name to Greater Abbeville Federal Credit Union as it expanded its membership to anyone who lives, works, worships or attends school in Abbeville County.
Though GAFCU had strong verbal recognition for decades, its name lacked interest and a strong visual identity, according to the credit union’s prepared statement announcing the rebrand initiative.
HopeSouth describes itself as a lifestyle brand anchored by the credit union’s mission to be a source of hope for a financially secure future. Part of the credit union’s value proposition is delivering fairly priced loans to members with imperfect or no credit history. Moreover, as a certified Community Development Financial Institution and a Community Development Credit Union, HopeSouth remains committed to serving low-income communities.
With more than $19 million in total assets, the credit union has experienced steady growth in recent years.
In 2016, it served 3,408 members and total deposits of $15.2 million, up 12.5% from 2015. Additionally, with a loan portfolio of $13.3 million, the credit union grew year-to-year loans by 7.4%, according to NCUA financial performance reports.
“In many respects, our brand is now catching up with the many changes we have made,” HopeSouth Board Chair Mark Hall said. “Our core values haven’t changed, but we have significantly broadened our capabilities. This brand represents our aspirations and direction for how we will grow to meet the future needs of our community.”
