Alcoa Employees & Community Credit Union officially changed its name to Ascentra Credit Union on September 4, 2007. As we reflect back on the past 10 years the decision by our board of directors and ratification vote by our membership to change our name has helped the credit union obtain strong steady growth over the past decade. While the credit union was experiencing asset growth prior to our name change, membership growth was negative. As a community chartered credit union we knew we needed to make a change that reflected our commitment to our membership and openness to the communities we serve.
We continue to have a great relationship with Alcoa and the United Steelworkers 105. They understand that we’re a member-owned cooperative that is open to the public and we thank both of these key partners for supporting our name change. As Alcoa has split into two companies with our local plant becoming known as Arconic, the change has ultimately proven prophetic.
Our new name also resonated with the boards and membership of Members Choice Community Credit Union and Scott Schools Credit Union when our credit unions merged in 2010 and 2013 respectively. Ascentra is a name that reflects our path towards growth and success, not only for the organization, but for you, our member-owner.
The credit union has experienced over 180 percent growth in both assets and membership while doubling its branch presence since 2007.
Additionally, the credit union has originated over $655 million in first mortgage loans during this time, giving our membership the opportunity to own a home or save money by refinancing, when the large banks pulled back during the financial crisis.
Today, the Ascentra name has been involved in many community activities, sponsorships, and community partnerships that help people of all walks of life. Whether it’s a surprise $300 from our Pay it Forward program through WQAD News 8 to the funding of local programs and initiatives through the creation of the Ascentra Credit Union Foundation – our name is tied to the success felt by many, in a very positive way.
Our record of accomplishment shows we have stayed true to our commitment of helping our membership reach their financial goals, just as we did in 2007 and as we’ll continue to do in the future by listening, caring, doing what’s right.