SAGINAW, MI — Catholic Federal Credit Union here said it will introduce a new name in May as part of an effort to attract membership beyond the Catholic community.
The credit union has declined to reveal at this point what the new name will be.
Catholic Federal was established in 1956 to serve the Catholic community in Saginaw County, Mich., but has since struggled with growth for a number of years due to the assumption that people must be Catholic to join, Bridget Staffileno, vice president of community affairs, told MLive.com. People who had an association with the Catholic community were also eligible to join CFCU, which now serves 13 counties.
In February, Catholic FCU’s members OK’d a move to a state charter that goes into effect on May 1. On that same day Catholic Federal said it will also introduce its new name and logo, according to MLive.com.
With the state charter will come an FOM expansion to allowing it to serve anyone who lives, works, attends school, worships or regularly conducts business in Bay, Saginaw, Midland, Gratiot, Gladwin, Isabella, Clare, Arenac, Tuscola, Huron, Sanilac, Osceola, Wexford, Mecosta, Montcalm, Iosco, Ogemaw, Roscommon, and Missaukee counties of Michigan.
Decrease in Numbers
Staffileno told MLive.com that while some members of the credit union voted for the conversion, others have indicated plans to leave because of the name change. She added that a few members also left because of sex-abuse allegations that are shaking the Catholic Church, MLive.com added.
A bigger issue, Staffileno told the publication, is declining membership growth due to the “decrease in the number of Catholics in our region.”
“We may be changing our name, but we still have the same values and commitment to our community and we’ll always be the same,” Staffileno told the publication.
The $340-million Catholic FCU has approximately 26,400 members, a decline of 1,000 members since 2016.