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Credit-union vote dumps 'Optiva'

Amanda Battaglia

The Daily Iowan

March 1, 2007

[Note: This material is copyright by The Daily Iowan, and is reproduced here as a matter of "fair use" for non-commercial, educational purposes only. Any other use may require the prior approval of The Daily Iowan.]



The majority of the members of the UI Community Credit Union voted to reject the credit union's name change to "Optiva" - a switch that was approved in October 2006.

Amid a packed crowd of people bustling to cast their ballot, the members voted to keep the original name. On Wednesday, 806 members voted against titling the credit union Optiva, while 631 voted for the name.

In July 2006, the credit union announced that it was in the process of changing its name in conjunction with the UI. The proposed change from" UI Community Credit Union" to "Optiva Credit Union" was approved in October 2006 on a 198-192 vote by credit union members.

But a petition with 143 signatures was sent to credit-union officials on Feb. 6, which led to Wednesday's vote.

According to a fall 2005 survey of Johnson County residents, 75 percent did not know anyone - regardless of whether he or she is affiliated with the UI - could join the credit union.

The credit union serves 45,000 people, according to its website.

During a meeting held at the Quality Inn & Suites Highlander Conference Center, the credit-union board of directors also answered questions and listened to comments from the public regarding the credit union's original name swap to Optiva.

Jeff Disterhoft, the credit union's CEO and president, said it was important to pinpoint ways to improve services to members.

"Growth means everything to each and every one of you in this room," he said.

Iowa City resident Christine Ziebold was one credit-union member who spoke at the meeting. Walking up to the microphone, child in arm, she stated her disappointment with the change to Optiva.

"I think it's disgusting that they're doing this," she said after she spoke. "It's a waste of money."

Laura Reed, a member of the board of directors, said expenses related to the name change totaled roughly $435,000.

But several credit-union members said they are pleased with the financial institution's services.

Jeanette Wigim, a credit-union member, stepped to the microphone to praise the credit union's leadership in financial strategies. She singled out the introduction of the ATM debit cards and touchtone services in particular.

"I have always received the highest quality of services," the Tipton resident said, adding that she is indifferent about the name change. "Shakespeare said it best, 'What's in a name? That which we call a rose by any other word would smell as sweet.' "