Thank you for voting in favor of our State charter conversion and for supporting our vision for the future! Pending final approval from the NCUA, a charter change will allow us to expand our geographic area, provide greater opportunity for growth, enhance the services we can provide and strengthen our ability to better serve you and our community.
We first began serving parishioners of St. Mary’s Cathedral Federal Credit Union in 1956. It has been our privilege to improve our member’s financial well-being and make a difference in the communities we serve. This is a proud legacy you’ve helped us build and one we hope to share with even more Michigan families.
As previously communicated in our Winter newsletter, we have been evaluating and researching some of the challenges surrounding our name and brand. Our membership growth has been greatly impacted by the perceptions of exclusivity tied to the word “Catholic.” The general public believes that they must be Catholic to become a member. We have discovered that the time, energy and lost advertising has not changed this perception to any great degree. Therefore, even if the credit union were to keep its Federal charter, the name had to be addressed.
Changing a name – especially one that is so closely tied with the Catholic Church and our proud history – is difficult, and not a decision that was made lightly. The Credit Union Leadership team and Board of Directors engaged in significant research and after extensive deliberation, a new name and brand that is inclusive and reflects our entire membership was chosen. Although our new name will no longer have a religious association or meaning, it will celebrate and reflect our passionate spirit and dedication to serving our membership as well as being welcoming to everyone in the communities we serve. We are confident our new name puts the credit union in the best position possible for long-term growth and will strengthen our organization to better serve you. Rest assured, we will not forget our past and the principles that our credit union has always tried to adhere to.
This is an important milestone in our credit union’s history and marks an exciting new chapter. We have hired an experienced brand agency that specializes in credit unions to guide us through the process. We are currently conducting our due diligence and anticipate being able to share the new name and brand with you in May.
During this transition and always, we are committed to maintaining the trust you place in us and we will always act and serve with your best interests in mind. Here are some important facts we want you to know as the change takes place:
- Nothing about your membership is changing. We remain a 100% member-owned, not for profit credit union. All deposit accounts will continue to be federally insured by the National Credit Union’s Share Insurance Fund like they are today.
- This is a change to our name only. This is not a merger or acquisition.
- Our staff is not changing and neither is our commitment to excellent service. We know you rely on us to be responsive, knowledgeable, and accessible; and we are dedicated to providing the same high quality, personalized support you’ve come to expect from us.
- Your accounts and services will not change. Your account number will remain the same and your direct deposits, bill pay, and other services will continue as normal.
We know you may have some questions, click here for a list of frequently asked questions. Please call us at (800) 798-2328 if you have additional questions or concerns.
On behalf of the Board of Directors and Credit Union Leadership team, thank you for your support of this great organization as we embark on this momentous change. The heart of the credit union, our philosophy of service, our people and our commitment to serving you remains as strong as ever.
We’ll update the page with information periodically as new information becomes available.
You may also visit any branch or call us at (800) 798-2328.