Maryland-based credit union changes name after charter expansion

Montgomery County Employees Federal Credit Union in Germantown, Md., has changed its name to SkyPoint Federal Credit Union.

A spokesman for the credit union said the name change is effective Tuesday.

The $147 million-asset institution said on Tuesday that the name change follows approval for a community charter in January and receiving a Community Development Financial Institution (CDFI) designation.

The community charter allowed the institution to expand its field of membership to serve people in Montgomery and Frederick counties in Maryland, the District of Columbia, and Alexandria and Falls Church and Arlington County in Virginia. Previously it served employees and families of the Montgomery County government and workers of the credit union’s various select employee groups.

The CDFI certification will enable the institution provide to affordable financing to low-income and underserved communities.

“We are unconventional and innovative,” Jim Norris, CEO of SkyPoint, said in a statement. “We take our calling seriously to pay attention and raise our members up… Today, we have a brand that serves as a daily reminder of that commitment.”

The credit union posted net income of about $310,000 in 2018, a 65% drop from the prior year, as noninterest expenses climbed about 13%, to $7.2 million.