Flourish. Overflow. Thrive.
Those three words are all synonymous with the word abound — the lead in Fort Knox Federal Credit Union’s new brand and name.
“The word itself means to thrive and that is what we have been doing for the community and military and members for the last 70 years,” said Ray Springsteen, president and CEO of the credit union.
The volunteer board of directors voted on the new name, Abound Credit Union, as a reflection of the diverse membership the credit union services. The name change for the state’s largest member-owned financial cooperative takes effect Feb. 18.
According to Springsteen, the Credit Union was started in 1950 by ten people living in Hardin County who believed they could make a difference in the lives of their fellow Kentuckians living near Fort Knox.
Investing $100 each, with no opportunity to profit themselves, Springsteen said they created a financial cooperative that would put helping people first. Since that time, Fort Knox Federal has grown to serve more than 105,000 community and military members who have benefited from excellent rates and superior financial services.
“We really wanted to step into the meaning,” Springsteen said. “It signifies how we help people thrive.”
The credit union has donated $247,241 since 2005 through their USA Cares partnership. In November, it announced a $1.5 million long-term investment to support military and community health in Radcliff. The ten-year financial commitment and partnership, made through the Hardin Memorial Health Foundation, will help expand services at HMH Medical Group Radcliff Family Medicine clinic near the Wilson gate of Fort Knox.
In November, the credit union also received national recognition, in addition to recent statewide accolades, as a 2019 award recipient of the Credit Union National Association’s Alphonse Desjardins Youth Financial Education Award. Fort Knox Credit Union pays to provide financial education in all 11 elementary schools in Hardin County.
Springsteen said that’s an example of how they strive to help the community thrive.
“We conducted extensive research with our current members, and those in our community who have not yet joined the credit union, to understand their perceptions of our brand. This research indicates that many residents in our service area did not recognize they could become members of any credit union,” Springsteen said in a news release from the organization.
“With 80 percent of Kentuckians not utilizing a credit union today and the state ranked 45th in financial literacy, we need to eliminate that type of confusion. That’s why we decided to change the name of the credit union,” he said. “We want to help Kentuckians make more possible in their lives through affordable financial services and solid financial education.”
According to Springsteen, the credit union team announced the new name on Fort Knox right next to building 1110 where they were started 70 years ago.
Reba Watson, chairwoman of the board of directors, said in the release the organization’s support of the military is increasing as they move forward with their new brand and name.
“We are excited about starting this next chapter in our financial cooperative’s history and believe that these changes will create even more value for our existing members,” she said, noting it is important to understand the new name is not the result of a merger nor is it a change in management or staff.
“The credit union will still be owned 100 percent by our members, just as it is today,’’ she said. “Our mission to improve your financial lives and our commitment to offering the best financial services available remain the same.”
Springsteen said members do not need to order new checks or worry about new account numbers. He said their operations will remain the same.
This name change marks the second in the credit union’s history. The name changed in 1960 from Fort Knox Civilian Employees Federal Credit Union to Fort Knox Federal Credit Union.
More information regarding the name change, and other ways in which the credit union is working to continually enhance member experience, may be found at fortknoxfcu.org.