IAM Community Federal Credit Union will change its name to Solutions First Credit Union, effective June 3.
The Enterprise, Ala.-based institution said in a news release on Thursday that the new name is expected to generate membership growth. The $33 million-asset credit union has been steadily losing membership over the past few years. Membership dropped from 5,306 in March 2015 to 3,923 in March 2019.
Frank Garrett, the credit union’s president and CEO, stated that the board of directors had approved the name change in 2018 as a means of attracting potential members under its community charter. It serves Coffee, Dale and Houston counties in the southeastern corner of Alabama.
“In today’s market, the official name of a financial institution helps to define its source of members,” Garrett said in a statement.
IAM Community posted net income of almost $9,000 in the first quarter, a 34.5% increase over the first quarter of 2018.
