Business

Credit union will drop Weyerhaeuser from name

The Mirror

Weyerhaeuser Employees Credit Union plans to change its name this year in an attempt to shed perceptions about its corporate ties and member base.

The credit union (WECU) was asked by Weyerhaeuser Co., the international forest products company based in Federal Way, to come up with a new name to reflect that the credit union is neither affiliated with nor a subsidiary of Weyerhaeuser.

WECU was started 69 years ago for Weyerhaeuser workers, but since then has expanded to serve the general public .

“Agreeing to Weyerhaeuser’s request to change our name will be mutually beneficial for both companies,” said Bob Kane, president of the credit union. He noted a new name will “help convey that we serve Weyerhaeuser employees” and virtually any other Washingtonian.

WECU, which has about 49,000 members and $380 million in assets, was chartered in 1937 by Weyerhaeuser workers in Longview, home of the credit union’s headquarters. Last year, it opened a branch in Federal Way. It also has branches in Longview and in Albany, Ore.

Credit unions are not-for-profit savings-and-loan cooperatives.

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