Veridian Credit Union
Encyclopedia
Veridian Credit Union is a credit union
in Iowa
, with assets over US$1.4 billion and a member base of over 145,000 Veridian is the largest credit union
in the state of Iowa
and among the largest credit unions in the nation. Veridian offers a range of products, including credit cards, checking accounts, savings accounts, and loans.
. It began with just a few John Deere
employees who were looking for alternative financial options to what commercial bank
s had to offer.
By 1984, credit union
membership was available to all those in the outlying community and the name was changed to John Deere Community Credit Union of Waterloo. Their field of membership continued to grow. By 1986 membership opened up to the neighboring community of Cedar Falls
, which again called for a change in the name and lead them to drop the "Of Waterloo" and leave it as John Deere Community Credit Union.
In 2004 Deere & Company
asked the credit union not to use "John Deere
" in their name to avoid trademark and company confusion. This led to yet another name change in 2006 to the current name Veridian Credit Union. The name "Veridian" is derived from the words "verdant" meaning green and growing, and "veritas" which is Latin for truth
.
The credit union funds some financial literacy programs.
Credit union
A credit union is a cooperative financial institution that is owned and controlled by its members and operated for the purpose of promoting thrift, providing credit at competitive rates, and providing other financial services to its members...
in Iowa
Iowa
Iowa is a state located in the Midwestern United States, an area often referred to as the "American Heartland". It derives its name from the Ioway people, one of the many American Indian tribes that occupied the state at the time of European exploration. Iowa was a part of the French colony of New...
, with assets over US$1.4 billion and a member base of over 145,000 Veridian is the largest credit union
Credit union
A credit union is a cooperative financial institution that is owned and controlled by its members and operated for the purpose of promoting thrift, providing credit at competitive rates, and providing other financial services to its members...
in the state of Iowa
Iowa
Iowa is a state located in the Midwestern United States, an area often referred to as the "American Heartland". It derives its name from the Ioway people, one of the many American Indian tribes that occupied the state at the time of European exploration. Iowa was a part of the French colony of New...
and among the largest credit unions in the nation. Veridian offers a range of products, including credit cards, checking accounts, savings accounts, and loans.
History
Veridian began in 1934 as John Deere Employees Credit Union with their office located in Waterloo, IowaWaterloo, Iowa
Waterloo is a city in and the county seat of Black Hawk County, Iowa, United States. As of the 2010 United States Census the population decreased by 0.5% to 68,406. Waterloo is part of the Waterloo – Cedar Falls Metropolitan Statistical Area, and is the more populous of the two...
. It began with just a few John Deere
John Deere
John Deere was an American blacksmith and manufacturer who founded Deere & Company, one of the largest and leading agricultural and construction equipment manufacturers in the world...
employees who were looking for alternative financial options to what commercial bank
Bank
A bank is a financial institution that serves as a financial intermediary. The term "bank" may refer to one of several related types of entities:...
s had to offer.
By 1984, credit union
Credit union
A credit union is a cooperative financial institution that is owned and controlled by its members and operated for the purpose of promoting thrift, providing credit at competitive rates, and providing other financial services to its members...
membership was available to all those in the outlying community and the name was changed to John Deere Community Credit Union of Waterloo. Their field of membership continued to grow. By 1986 membership opened up to the neighboring community of Cedar Falls
Cedar Falls, Iowa
Cedar Falls is a city in Black Hawk County, Iowa, United States, and it is home to one of Iowa's three public universities, the University of Northern Iowa. The population was 39,260 in the 2010 census, an increase from the 36,145 population in the 2000 census...
, which again called for a change in the name and lead them to drop the "Of Waterloo" and leave it as John Deere Community Credit Union.
In 2004 Deere & Company
Deere & Company
Deere & Company, usually known by its brand name John Deere , is an American corporation based in Moline, Illinois, and the leading manufacturer of agricultural machinery in the world. In 2010, it was listed as 107th in the Fortune 500 ranking...
asked the credit union not to use "John Deere
John Deere
John Deere was an American blacksmith and manufacturer who founded Deere & Company, one of the largest and leading agricultural and construction equipment manufacturers in the world...
" in their name to avoid trademark and company confusion. This led to yet another name change in 2006 to the current name Veridian Credit Union. The name "Veridian" is derived from the words "verdant" meaning green and growing, and "veritas" which is Latin for truth
Truth
Truth has a variety of meanings, such as the state of being in accord with fact or reality. It can also mean having fidelity to an original or to a standard or ideal. In a common usage, it also means constancy or sincerity in action or character...
.
The credit union funds some financial literacy programs.