Point Loma Credit Union, a $505 million-asset institution based in San Diego, on Tuesday changed its name to MyPoint Credit Union in an effort to appeal to potential new members.
The CU said in a statement it has spent more than 20 years working to educate the community about the fact that it serves an area much larger than Point Loma, but “still found it difficult to overcome the challenges of our geographic location-specific name.”
Officials said the new moniker is part of a “broader strategic initiative” that began two years ago. The CU worked with San Diego-based brand strategy firm Bulldog Drummond on the rebrand, which includes the new name, new colors and a “new branch experience.”
The transformation from Point Loma Credit Union to MyPoint Credit Union will continue for the rest 2019, the CU said.
The credit union’s history dates back to 1948, when it was chartered as Naval Electronics Laboratory Employees Federal Credit Union. In 1967, it changed its name to Point Loma Federal Credit Union. Later, in 1998, the leadership decided the federal charter had restrictions on the field of membership, and it converted to a state charter. This coincided with an expansion of the field of membership to include all who live, work or worship in San Diego County.
In 2002, the CU added Riverside County to its field of membership, but kept “Point Loma” in its name.
"Our intent is certainly not to abandon our history but to ensure we remain relevant and grow within our diverse community," said President and CEO Dave brooke. "That is why we chose MyPoint, a name that still honors our past but positions us well for a successful future. We are still the same credit union with the same people dedicated to serving your financial needs."
In its most recent call report, the credit union listed $742,876 in net income for the first six months of this year, down 41.7% from the $1,274,466 it earned in the first half of 2018. As of June 30, 2019, its net worth ratio was 8.95% (“well capitalized”).
