Lockheed Federal Credit Union will change its name to Logix in an effort to bring in new customers.

The change takes effect July 9.

The financial institution chose the name Logix after working with Weber Marketing Group for a year doing research and analysis with members and non-members about how the credit union’s name was perceived and how a new name would help further growth.

The research determined the name Lockheed Federal caused confusion with potential members who were uncertain if they could join if they were not Lockheed or government employees.

Logix reflects a name that is distinctive, memorable, and suggests a smarter, more logical banking choice, Lockheed President and CEO Dave Styler said.

“Our new name will also feature the tagline ‘smarter banking’ to reflect our credit union’s better rates, lower fees, proactive service, easy access to state-of-the-art banking technology, and culture of member advocacy,” Styler said in a prepared statement.

Lockheed Federal has $3 billion in assets with 11 branches in Los Angeles and Ventura counties, and more than 105,000 members.

Mark R. Madler