SAC Federal Credit Union Changes Name to Cobalt Credit Union
Friday, August 3, 2018
Name Change Reflects Future Growth and Takes Effect Aug. 1
(Omaha, Neb., 08/01/18): Effective Aug. 1, SAC Federal Credit Union is now Cobalt Credit Union.
Cobalt began in 1946 with a single branch on Andrews Field in Maryland. Over the next 70 plus years, the credit union continued to grow and now serves 110,000 members in Iowa and Nebraska. Today, more than 260 employees help Cobalt fulfill its mission of being its members trusted financial partner providing tailored solutions to support them throughout their life events.
In June, Cobalt achieved a significant milestone securing more than $1 billion in assets, a goal that only 248 credit unions nationwide have accomplished. This achievement places Cobalt in the top 8 percent of credit unions in the country.
As the organization moves forward, Cobalt Credit Union is focused on strategic growth and ensuring that the communities they serve view them as their credit union. This desire to present an inclusive credit union that is built for everyone, helped inspire the name change.
Cobalt has been open to all residents for more than a decade, yet research conducted in 2017 showed that more than half of all community members, 58 percent, still perceive the credit union as only open to military personnel.
“We have a rich history of serving military personnel and their families,” said Gail L. DeBoer, president and CEO. “That has not, and will not change. At the same time, we want residents in all of the communities we serve to know that Cobalt is their credit union.”
Cobalt Credit Union currently serves five counties in Nebraska and nine counties in Iowa. Cass, Douglas, Sarpy, Saunders, Washington counties in Nebraska and Harrison, Mills, Pottawattamie, Crawford, Shelby, Ida, Sac, Monona, Carroll counties in Iowa. In addition to changing its name, the credit union is pursuing a change in charter that will allow further expansion into Lancaster County and beyond.
“Under our current Federal charter, we are unable to expand into additional counties,” DeBoer said. “We want to be a trusted resource throughout Iowa and Nebraska, and this proposed change in charter enables us to do that.”
Current Cobalt Credit Union members will vote on the proposed charter change on Aug. 23. Current members will receive notification about the transition from the SAC Federal Credit Union brand to the Cobalt Credit Union brand this week. DeBoer said the credit union is focused on ensuring the transition is seamless for everyone. More information regarding the change is available on the website at cobaltcu.com/trueblue.
SAC Foundation, a 501(c)(3) tax-exempt organization will maintain the SAC name. This charitable arm of Cobalt Credit Union further advances the credit union's mission of providing tailored solutions to support members throughout their life events. The foundation advances financial literacy, provides educational opportunities and advocates outreach and development of economic and social programs in support of the military.
About Cobalt Credit Union: Headquartered in Papillion, Neb., Cobalt Credit Union is locally owned by its members and recognized for its community involvement. Motivated by member service rather than profit, Cobalt’s focus is on providing safety, soundness and convenience to its members. Cobalt Credit Union is a financial partner for life, helping members with better banking, financial planning, home buying investing, education and retirement planning, commercial banking services and more. Cobalt serves more than 110,000 members in fourteen counties in Iowa and Nebraska. Never Settle. Bank Better with Cobalt.