Credit Union Membership Approves Name Change to Naveo Credit Union at Annual Meeting

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(Somerville, MA) CPCU Credit Union announced that they would adopt the new name, Naveo Credit Union, in 2014. Citing the desire to become a more inclusive credit union and
eliminate the confusion about who can become a member, the Credit Union decided to begin the process of changing their name in 2013. The name change was approved at their annual meeting on Tuesday, April 29, 2014. CPCU is awaiting final approval from the Division of Banks.

CPCU was incorporated as Cambridge Portuguese Credit Union in 1928 by a group of twenty-seven Portuguese-Americans who were looking for a place they could deposit their savings with confidence and borrow money at low rates of interest. The Credit Union has since abbreviated its name, now known as CPCU Credit Union. In 2007, CPCU became community based, serving people in Middlesex County, Suffolk County and eight municipalities in Essex County in addition to people of Portuguese descent.

Naveo is a name that has strong ties to the navigational skills of the Portuguese people as it is derived from the Portuguese word “navio,” meaning ship. It encompasses CPCU’s heritage as well as a youthful, inclusive personality. Naveo is a name that is about providing support and helping members find the way on their financial journey.

To ensure the new name was one that was tied to the heritage and legacy of the 86-year old Credit Union, CPCU hired Weber Marketing Group, a nationally recognized naming and branding firm with extensive experience in working with financial institutions. CPCU began searching for the right firm early in 2013, but did not officially begin the project until late summer.

While CPCU will change its name, their staff, hours, products and services will remain the same. Member account information will also remain the same. For additional information regarding the name change, visit http://www.cpcu.org/namechange.

“I’m excited about our new name and brand which will open the doors to more opportunities for our members and will make our Credit Union more inclusive. This name change gives continuity to our earlier efforts when in 2007 we changed our field of membership to go beyond the Portuguese speaking community. I hope that our members will be just as excited about this change and our promising future. I truly appreciate our members’ loyalty and support in helping our Credit Union move forward,” commented Rui F. Domingos, CEO at CPCU Credit Union.

“Like any major decision in life, this one took time and careful thought. A name is a major identification feature for any organization. We see Naveo as a name that identifies the Credit Union’s heritage and keeps us all moving forward with the tides and enduring the continuous change that is inevitable,” commented Maria L. Santos, Chairperson of the Board.

CPCU plans to implement their new name in the Fall of 2014.

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