After five decades as the Montgomery County Employees Federal Credit Union, the financial institution rebranded itself as SkyPoint Federal Credit Union.
Jim Norris, SkyPoint’s president and CEO, says the 2019 rebrand was needed for several reasons. Clearing up market confusion was one reason, as another credit union then had “Montgomery” in its title.
“It was remarkable how many people said they had an account with us but in fact did not,” Norris said.
The length of the original name was also a factor.
“It doesn’t exactly roll off the tongue,” Norris observed.
Another reason for the name change was the credit union’s desire to appeal to a wider market.
“Even though we continue to focus on Montgomery County workers, we also serve other groups and now even the wider community,” Norris said. “Our previous name was potentially limiting when presented to non-county workers.”
The rebrand also provided a new look for the credit union.
“We wanted to select a name with a fresh image that conjured up positive images and a more modern appearance,” Norris said.
Now, three years after the rebrand, Norris says SkyPoint continues to innovate to better serve its customers.
“Our brand is focused on providing simple solutions,” he said. “Through our multi-channel service delivery, we consistently seek and develop easier methods to simplify our members’ experience.”
Continued Norris: “We want to change the way people feel about life and finances.”
During the COVID-19 pandemic, SkyPoint rolled out several new services, including a financial hardship form to request assistance and mortgage forbearance programs to restructure payments. Members can also request loan payoff letters via SkyPoint’s app.
“We used some of our pandemic lockdown time to develop additional mobile and online transaction abilities,” Norris said.
Norris says SkyPoint’s future is bright.
“The response of our members to the measures that we put into place during the pandemic have resulted in explosive growth of our assets and loans and have allowed us to enhance our outreach efforts in the community,” he said.
SkyPoint recently launched a community relations department with four staff members.
“These folks reach out to the community to bring financial literacy training to (residents) as well as financial tools that can be used by schools, churches and other nonprofit entities and their members,” Norris said.
In 2018, the credit union was certified as a Community Development Financial Institution by the U.S. Department of the Treasury, allowing SkyPoint to provide financial tools and services to low- and moderate-income people throughout the community.
Expansion is in the future.
“We can’t help but expand,” Norris said. “The response from our members and community has been tremendous and this will continue to expand our business even more. We will continue to plow our earnings right back into our business and our communities.”
In August, the credit union plans to launch a service to help businesses as well as community members.
“We are always looking to add new services to our menu,” Norris said. “As we work with the community, we find more needs that we can assist and develop products to help.”