Wentzville, Mo.-based 1st Financial Federal Credit Union is rebranding as Alltru Credit Union in November, the $282 million-asset institution announced Tuesday.
A letter to members from CEO Carol Minges explained that the name change was born out of an attempt to tell the credit union’s story more clearly, including highlighting its work in communities abandoned by traditional lenders and helping provide equal access to affordable financial services.
“Alltru is a name that reflects our collective ownership and demonstrates our shared integrity,” wrote Minges. “We are all in this together, just as we always have been. Just as we always will be. When you succeed, so do we, and our shared successes build a better community for us all.”
An online FAQ said management hopes to increase its branch footprint, but did not include any specific details on how soon that might happen.
“We believe changing our name will allow us to have better brand recognition and soon we will be able to add new branches to our local network,” the credit union said.
Despite branding as Alltru Credit Union, the National Credit Union Administration still lists the St. Louis-area institution as having a federal charter. Many federal credit unions often shorten their names for branding purposes.
The credit union holds a community charter and serves about 35,000 members, according to NCUA data. Call report filings show it earned about $990,000 during the first half of the year, down about 40% from the same period in 2019. The drop was driven in part by increased staffing costs and a reduction in noninterest income.
