Idaho’s ‘fastest-growing credit union’ changes name for first time in 25 years
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IDAHO FALLS – For the first time in a quarter-century, a local credit union is changing its name.
As of Monday, East Idaho Credit Union is now Frontier Credit Union. Chief Marketing Officer Steven Foster tells EastIdahoNews.com the credit union is one of the fastest-growing in the state and the new name reflects that.
“We’re not just in eastern Idaho anymore. We (have branches) throughout the entire state and we have membership across … the world,” Foster says. “Our name was just not super representative of our membership anymore, nor does it represent our ever-evolving vision for the organization. That was really the impetus on why we decided to change the name.”
Idaho’s overall population identifies with a “rugged and independent” lifestyle, Foster says, and the word “Frontier” speaks to those values. He hopes the new name is more inclusive and appealing to customers.
Frontier Credit Union currently has 11 locations throughout the Gem State, with one opening in Meridian and Driggs in the near future. Foster attributes the company’s growth to its values, which he says are centered around “taking care of our membership and taking care of our communities.”
Foster cites specific ways the company takes care of others.
“We have a charitable foundation that gives hundreds of thousands of dollars a year primarily to children in Idaho who are in need. We do that through a few different programs. Probably the most famous is a program called Kicks for Kids, where we purchase shoes for kids who can’t afford shoes on their own,” says Foster.
The credit union also provides money for a scholarship program and collaborates with other foundations that help people in different ways.
‘A deep and rich history’
Frontier Credit Union was first established in 1935. A credit union was a new idea at the time, and it was for federal employees only, according to a company news release. It was originally called Idaho Falls U.S. Employees Federal Credit Union.
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There are conflicting reports about where it was originally located, but Julie Adams, daughter of the company’s first CEO, Arlene Walker, remembers walking up some stairs as a little girl to get to it.
Doug Stone says his father, Howard, worked with Walker’s husband, Merrill, at a post office, which shared a building with the credit union. The credit union’s first loan was made to “a fellow sick in bed,” according to the company’s website.
“It was made on a handshake to a guy laying in a hospital bed. I think it was a $50 loan we made to that fellow,” says Foster.
Membership continued to grow, and in 1963 it became East Idaho Federal Credit Union. Walker became its first CEO that year. She played a pivotal role in transforming it from a $62,000 institution to a $33 million powerhouse. Under her leadership, it became the state’s third-largest credit union.
In 1998, the word “federal” was dropped from the name and it became East Idaho Credit Union.
“We have a deep and rich history in Idaho Falls and in eastern Idaho, generally,” Foster explains.
Today, branches stretch from Salmon down to Pocatello and into the Treasure Valley.
‘A milestone moment’
Frontier Credit Union is offering several new services in conjunction with the name change. Among them is a micro startup loan to help stimulate growth for new startup businesses.
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It recently launched a loan program for Tiny homes as well. On Monday, it’s offering a CD special with a 5.88% APY.
Foster is excited about the name change, and the ways it will help the company better serve customers going forward.
“We are in a time of financial stability and strength,” CEO Dan Thurman says in a news release. “This rebrand reflects that. It’s a milestone moment for our credit union, and I firmly believe it’s the right, strategic step to better represent our members and look towards a promising future of continued growth.”
