MISSOULA, Mont.–Missoula FCU here said it will change its name in September. To reflect its expanded FOM beyond Missoula County, the CU announced it plans to change its name to Clearwater Credit Union, effective Sept. 3.
The CU has been known as Missoula FCU for 63 years.
“We weighed our affection for a name that we’ve been proud to carry for all these years against our responsibility to prepare the credit union for the future,” CEO Jack Lawson said in a statement. “In the end, our board of directors unanimously agreed that as we grow to serve more communities, we need a name that ensures the people in these communities know they belong here too. A name that reflects our local roots as well as our commitment to being a force for good. A name that highlights to our dedication to being transparent and reminds us of everything banking can be.”
Rejected Mergers as Option
The $542-million Missoula FCU said that rather than pursuing mergers, its strategic plan calls for it to adopt a “values-based approach” to member recruitment – and to expand its FOM, which now includes, in addition to Missoula County, Ravalli, Lake, Beaverhead, Deer Lodge, Granite and Silver Bow counties.
The Missoula Current reported that the credit union’s strategic plan notes, “There are approximately 11,500 independent banks and credit unions operating in the U.S. That translates to about one financial institution for every 28,000 people in the U.S. If that level of competition carried over into our local market, there would be 6 or 7 financial institutions. In fact, there are 18.”
Other Market Competitors
New entrants to the market have included Stockman Bank, Horizon Credit Union and Parkside Credit Union, while other competitors include First Interstate Bank, First Security Bank, Opportunity Bank, Farmers Bank, Trail West Bank, Wells Fargo and US Bank.
Prior to making the name change, the credit union said it conducted a number of surveys that found a “generally positive attitude” toward the new name. It said its advisory team spent five months and reviewed 500 potential names before settling on Clearwater, which it said “stood out as the clear choice.”
Why Clearwater?
“The name celebrates our roots in Missoula County, which is home to both Clearwater River and Clearwater Lake,” the credit union said. “Water sustains us all, no matter where we’re from. The new name is universally appealing and a celebration of Montana’s lakes, rivers, and streams. The name gives us the opportunity to speak to a key element of our core values: transparency.”
While it remains a federal charter, it is also dropping “Federal” from its name, saying it is doing so to have the flexibility in the future should it want to move to a state charter.
While there is a city named Clearwater in Florida, according to NCUA there are no other active CUs with Clearwater in their names.