Legal Name Update to meet NCUA Guidelines
STILLWATER, Okla. – Oklahoma Community Credit Union recently announced a charter conversion from a community charter, to a multiple common bond charter. The change provides Oklahoma Community the flexibility to open members to anyone; however, a rule in the National Credit Union Administration’s de novo branching guidelines is requiring the credit union to remove “community” from its legal name because of the charter change.
After working with the NCUA, the credit union was allowed to continue to operate under the existing tradename of Oklahoma Community Credit Union, but will be updating its legal name to Okunity Federal Credit Union effective January 1, 2024.
“We appreciate the NCUA providing us an avenue to keep “community” in the name we present ourselves to the public,” said Oklahoma Community President/CEO Daniel Thrasher. “Community has been a part of our name since 1995 and our culture since the credit union started in 1968 so it was something our board and employees did not want to leave behind.”
Thrasher added that while the credit union doesn’t intend to use the legal name in marketing and member communications at this time, the board and management team wanted to be intentional about picking the legal name.
“Okunity is of course a combination of our existing Oklahoma Community name and still connects to who we are,” Thrasher said. “It also provides a name to grow into if our credit union ever operates outside the state of Oklahoma in the distant future.”
Okunity Federal Credit Union, doing business as Oklahoma Community Credit Union, will begin appearing on account disclosures, legal documents, vendor contracts, the credit union’s annual report and other documents that are not typically public facing. Most member facing communications, website presence and advertising will still appear at Oklahoma Community Credit Union.
“We also want to stress to our membership that this legal name change does not change who we are as a credit union. We are still the only financial intuition headquartered in Stillwater, OK and proud to serve our local north central Oklahoma communities with a board and management team that all reside in Payne County,” Thrasher added.
Founded in 1968, Oklahoma Community Credit Union is a member owned, federally chartered financial cooperative and the only financial institution headquartered in Stillwater, Oklahoma. To learn more about Oklahoma Community visit okcommunitycu.com.