Theory

On May 1, 2025, Lake County Educational FCU will become Theory FCU

Hard to believe, but your credit union has been around since Eisenhower was president. We're now celebrating our 70th year of dedicated service to the local education community we cherish so deeply. We’ve got big plans for our next 70 years, beginning with a new name and branding. It’s a bold step, but won’t change a thing about the credit union that has always belonged to you. Let’s talk about how our rebranding journey might affect you. (Spoiler alert: It won’t.)

Why change the name?

The credit union has been pursuing this path for a number of years. There are a few reasons for this. First, our current name bears a striking similarity to another credit union operating within 2.5 miles of our main branch. The resulting market confusion has posed an ongoing challenge for both parties. Second, our “Lake County” branding is objectively incompatible with our North Olmsted branch, which resides in Cuyahoga County. Finally, in support of our strategic goals, we aim for a more dynamic brand with a broader, more future-forward appeal. The Board of Directors made a unanimous decision to change our name in order to welcome in more members and support our long-range growth and sustainability.

When will the new name be fully adopted?

We plan to officially adopt the brand, Theory, on May 1, 2025.

Is the name change the result of a merger or acquisition?

No. The name change is not the result of a merger or acquisition of any kind. We will continue to be owned by you, our members, just as we are today.

In practice, how will this affect me?

It essentially won’t affect you at all. There will be no impact to your existing relationship with us, accounts, or any changes to your day-to-day banking.

Will the credit union still serve the education market?

Absolutely. The education community is ingrained in our DNA, and always will be. Under the new branding, we will still be the same educational credit union we’ve always been, proudly serving the Lake County and North Olmsted school systems.

How did you select a new name?

Our management team and Board of Directors spent many months in close collaboration with a respected national branding firm and experienced trademark advisors. At this point, we have established a new name and logo, applied for trademark protection, and have developed a comprehensive branding strategy. We are excited to roll out the Theory brand in a matter of weeks.

Will there be a change in management or staff?

No. The very people that you know and trust will be here, ready and on-point, to provide the personalized service that you expect. This is solely a name and branding refresh – not an organizational overhaul.

Will my account numbers, usernames, and passwords change?

No, your account numbers, usernames, and passwords will remain the same.

If I have automatic payments taken from my account or receive direct deposit, will I need to do anything?

No. Everything will stay the same. Our routing number (241280977) will not change, and your account numbers will remain as they are. It will not be necessary to take any steps to update automatic payments or direct deposit.

Will I still be able to use my checks?

Yes. You can continue using your existing checks until they run out. Upon reorder, you will see the new Theory name and logo on your checks.

Will my debit and/or credit card still work?

You bet. Your cards and access PINs will continue to work as they always have. When it comes time for your cards to be reissued, they will arrive under the new branding.

Will I need to get my legal documents (e.g. liens, titles, insurance) updated with the new name?

In most cases, your documents will be unaffected by the name change. Please contact us if you have specific questions about your legal documents.

Will the credit union’s phone numbers, website, and email addresses change?

All phone numbers will remain the same. While we will be adopting a new website address, our current URL and email addresses will automatically redirect you to the new addresses for an extended period following the name change. However, we will continue to remind you to update your bookmarks and contacts following the conversion.

Will online and mobile banking change?

No, nothing will change, and your current credentials will work as is. Following the name change, the latest versions of iOS and Android mobile apps will reflect the new branding automatically.

How will fees, loan rates, and deposit rates be impacted by the name change?

Rates and fees will not be affected by the name change. We will continue to monitor our highly competitive rates and low fees, as we always have, to ensure high value and return to our members. As always, rates and fees do fluctuate, as they adjust in response to market conditions.

Will my deposits remain federally insured by the NCUA?

Of course. Deposit accounts for each share owner will remain federally insured up to $250,000 by the National Credit Union Share Insurance Fund. Our secure status as a federal credit union will not change.

While our name change is a big deal, it’s really no big deal.