Pawtucket Credit Union announced Monday that it will change its name to Coastal1 Credit Union on May 18 of this year.
Officials stated the reason for the name change is due to the expanding field of membership the credit union has seen since it was founded in 1928. In a statement from the credit union, it said the name Coastal1 will better reflect its larger marketplace beyond its headquarters in Pawtucket, R.I., just northeast of Providence.
The president/CEO of the $2.8 billion Pawtucket, Brian Azar, said, “Our name is changing, but not our commitment to our members and the communities we serve. We look forward to continuing to provide ‘The Smarter Way to Bank.’”
In a video posted on the credit union’s website, Azar also stated the new name will make even more sense as the credit union grows. “We’re getting ready to expand into Massachusetts,” Azar said without giving more specifics of the timeline or location of the expansion.
Currently, Pawtucket has 17 branches in Rhode Island and one loan production office in Foxboro, Mass.
According to a statement from Pawtucket, the transition for its nearly 130,000 members will be relatively seamless as routing numbers and accounts will not change. New debit and credit cards, as well as checks, with the new brand name will be sent out to members soon. In mid-May, all credit union signage and online branding will be updated to reflect the new name.
Monday’s statement from the credit union also added, “Moving forward, the credit union will continue to support local endeavors and the communities it serves, and to deliver The Smarter Way to Bank throughout Rhode Island and southeastern Massachusetts.”