Catholic Federal Credit Union in Saginaw, Mich., will change its name in early May to help bolster membership.
The $340 million-asset credit union is also expanding its field of membership and switching to a state charter.
Bethany Dutcher, vice president of marketing at the credit union, said the new name will “celebrate and reflect the credit union’s passionate spirit and dedication to serving the membership as well as being welcoming to everyone in the communities we serve.”
Catholic Federal has yet to reveal the new name, though it will not have a “religious association or meaning,” according to its website.
Dutcher said that the credit union’s membership has been “impacted” by the decreasing numbers of Catholics in the area, and the word Catholic in the name makes the general public think they must practice that religion to become a member. Between 2013 and 2018, membership has fallen more than 3 percent, to 26,142.
In connection with the name change, members of Catholic Federal passed a proposal to convert from a federal to a state charter in February. The credit union explained at the time that under the Michigan Credit Union Act, they can serve membership in an expanded region.
The charter conversion will also become effective in early May.
The credit union also applied for an expanded field of membership and will be open to people who live, work, worship or study in more than a dozen counties in Michigan.
Dutcher said that prior to the expansion, the credit union’s field of membership included members and employees of Catholic parishes in the Diocese of Saginaw, employees of Catholic schools in that area and employees of Ascension St. Mary’s Hospital, among others.
Catholic Federal posted net income of about $1.3 million in 2018, an almost 2 percent decline from the prior year.
