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.History: In 1934, employees of George Banta Publishing Company, Menasha,
Wis., formed the Banta Credit Union. The independent, separate
entity was established to provide members with a source of credit,
something very difficult for typical workers to obtain at the
time. During Banta Corporation's 100th anniversary celebration
in 2001, I spoke with a retiree who was still grateful for a credit
union loan that allowed him to buy a suit to stand up in his best
friend’s wedding.
Heritage: The Banta Corporation has a great heritage of taking care of
its people. For example, the company provided space for the credit
union and allowed business to be conducted at the plant. In addition,
when employees served during World War II, they continued receiving
paychecks and correspondence from the company. The workforce developed
a strong loyalty for its employer.
Changes: As times changed, so did the Banta Corporation, the communities
it served and the credit union. In 1974, Banta Credit Union obtained
a community charter, which allowed anyone living in Calumet, Outagamie
or Winnebago counties to be a member. No longer was it necessary
for a family member to have been employed by the Banta Corporation.
By 1990, the Banta Corporation was a Fortune 500 company with
multiple locations across the country. It had moved into the top
tier of major U.S. graphic arts companies and was committed to
becoming a recognized global leader.
Growing Pains: Ironically, as the corporation expanded and the strength of the
Banta name increased, the identity of the credit union became
more confusing and misleading for potential members. Marketing
studies revealed that 85% of the credit union’s audience tuned
out promotional messages because people perceived they had to
be affiliated with the Banta Corporation to be members of the
credit union. At the same time, only 10% of the credit union’s
membership were associated with the corporation. Marketing efforts
and dollars were being used to explain the credit union’s identity,
rather than promote its innovative products and services.
Time for Change: After 20 years of sporadically contemplating a name change, in
2002 the credit union’s board of directors unanimously recommended
that members approve a new identity.
Challenge #1: Credit union management developed criteria for a new identity.
A new name must:
• Support current and future strategies.
• Reflect the mission.
• Not be geographically limiting.
• Be progressive but not outlandish.
• Build a unique, positive, inclusive image.
• Be based on one, meaningful word that can stand on its own.
• Not be used by any other Wisconsin credit union.
• Not be trademarked.
• Have Internet domain names available.
Challenge #2: Due to regulations, a new name would have to be approved by two-thirds
of credit union members participating in a vote at a special meeting.
People’s loyalty and esteem for the Banta Corporation would have
a definite impact on the issue. In addition, the credit union
did not want to alienate longtime members and the corporation
or destroy the traditions and legacy that had been built over
68 years.
Strategy #1: Besides developing a more relevant identity for the credit union,
management developed a communications plan to generate support.
It included: Educating employees; Informative newsletter articles;
A series of informational meetings for members, former directors,
Banta Corporation officials, business partners and community leaders;
Posting information at branch locations and on the Web site.
Strategy #2: As a commitment to honor its Banta heritage, the credit union
published its history on the Web and in membership packets. It
pledged to maintain the honors and services associated with its
50- and 60-Year clubs and create a new Banta Club. Most importantly,
members were ensured that they would benefit from the same great
products, rates, staff, personal service, account numbers, and
business practices.
The Proposal: External writers, creative groups, board members and staff generated
more than 300 possible names. The ultimate proposed selection
was Prospera Credit Union. The definition of the root word prosper is: To be fortunate or successful; thrive. A new symbol of a
sprouting leaf was incorporated into the proposed logo to reinforce
that message. The colors of the current logo were maintained to
continue the Banta legacy.
The Result: At the special meeting of members to consider the new name, 97%
voted in favor, and Banta Community Credit Union became Prospera
Credit Union.
Epilogue: Marketing and communication efforts continue to spread the Prospera
message to the communities served by the credit union. If you
would like to experience the new identity or learn more, please
go to Prospera’s Web site at http://www.myprospera.com.
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