It seems as though all the commentators have assumed the new papal name of FRANCIS is taken from Saint Francis of Assisi (d.1226). Saint Ignatius of Loyola (d. 1556) – the founder of the Society of Jesus which more popularly is known by their nickname “The Jesuits” – had a dear friend and colleague SAINT FRANCIS XAVIER (d. 1552).
As for me, I will wait for POPE FRANCIS to explain the meaning of the name – after all, he selected it.