Credit unions in Minnesota and Virginia recently introduced their new name and new brands.
Chartered in 1933 in Duluth, Minn., the Duluth Teachers Credit Union changed its name to the Harbor Pointe Credit Union.
Harbor Pointe CU was selected as the new name because it better encompasses the regions that the credit union serves.
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"Many in the region thought they were not eligible for membership as they were not teachers," explained Brian Thompson, marketing/communications director for Harbor Pointe CU. "The board of directors of the credit union, made up of many retired Duluth Schools employees, has been in talks of a name change for the past several years as a way to offer more people in our region the valuable benefits the credit union has offered educators for so many years while providing a remedy for market confusion of the former name."
Thompson said members' response to the name change has been very positive.
The credit union's rebranding initiative, which includes new signs for all of its buildings, is expected to be complete by late fall. Harbor Pointe also announced it will be opening a new branch at the Kenwood Village complex.
Harbor Pointe manages $108 million in assets and serves 8,004 members.
After receiving final regulatory approval, Baylands Federal Credit Union said Monday it officially changed from a federal charter to state charter and announced its new name, Baylands Family Credit Union.
The West Point, Va.-based credit union said the charter switch will enable it to expand service to other communities and enhance future growth.
"We would like to thank our members for voting yes to approve the state charter," Baylands President/CEO Chris Burgess said. "This is the culmination of several years' work and strategic planning. The decision to change our charter was a bold step by our all-volunteer board of directors, and we look forward to working with the Virginia State Corporation Commission Bureau of Financial Institutions to increase our geographic footprint in the near future."
Chartered in 1946, BFCU manages $73.9 million in assets and serves 5,425 members.
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Peter Strozniak
Credit Union Times reporter covering credit union operations, fraud, M&As, leagues, business continuity, and breaking news.
