A Southern California bank is getting a makeover.
Kaiser Federal Bank in Covina, Calif., will be renamed Simplicity Bank, beginning Nov. 13, the bank's holding company said Tuesday.
The company says the new moniker will eliminate confusion among potential customers about the $923 million-asset bank, which was founded in 1953 as a credit union to serve employees of the Kaiser Foundation Hospitals in Los Angeles. Kaiser converted from a credit union to a thrift in 1999.
Thought the bank will continue to serve employees of Kaiser Permanente, the name change represents part of an effort to position the bank to serve the financial needs of all customers within its community, according to the company.
"We believe this new name aligns well with the core principles we were founded upon - to provide value, personal service and financial well-being for our customers and communities," Duston Luton, the company's chief executive, said in a news release. "As Simplicity Bank, we will continue this legacy as we grow and improve to make the banking experience for our customers even easier with more options, better technology, enhanced service capacity, a fresh look and a renewed vision."
As part of the change, the bank's holding company will change its name from Kaiser Federal Financial Group to Simplicity Bancorp and its trading symbol to SMPL.