The CU currently known as Mississippi Telco Federal Credit Union will change its name to Rivertrust Federal Credit Union effective Nov. 1, it said Friday.
The management team issued a statement terming the name change a "milestone" in the credit union's history and said the current name implies the CU only serves the telecommunications community. The rebranding is an attempt to better reflect what the credit union called "the broad array of members we serve throughout the state of Mississippi."
"In the last few years it has become apparent we must adopt a new name for our credit union that more accurately reflects and identifies with all the members we serve," the CU said. "This decision emerged as a result of the vision of our board of directors and employees. Mississippi Telco Federal Credit Union is a very well-capitalized and strong credit union, so we feel now is the best time to position ourselves for future growth."
Credit union officials added they are "very proud" of the CU's history and heritage, and said they "remain committed" to the original founders and owners of the credit union. "Our name is changing but our employees and high level of service will continue as it has always been. We will always remain committed to the credit union motto of people helping people."
Questions? Any Questions?
The management team prepared a list of
The credit union serves more than 8,300 members with more than $176 million in assets. According to data from its most recent Call Report (June 2016), it has just under $47 million in loans on the books, concentrated largely in mortgages and auto lending. It has a net income of $474,839 for the first half of 2016. Last year's net income was more than $978,000. It currently has a Net Worth Ratio of 13.38%.
