ST. CHARLES, Mo. -- Following an industry trend, Aerospace Community Credit Union is the latest to change its name.
Beginning Nov. 15, the $159 million credit union will be known as 1st Financial Federal Credit Union. The "Aerospace" name "is no longer an accurate description of who is eligible for membership," Nina Pilger, president/CEO said on the CU's Web site. Over the past nearly four decades, Aerospace has grown to include more than 50 companies, the city of St. Louis and two counties, and serves more than 27,000 members.
"Our current name causes confusion and research shows most people believe you must be affiliated with an aerospace related company/industry to join Aerospace Community Credit Union," Pilger said. In early 2004, the credit union applied to change its state community charter to a federal community charter and on July 20, 2006, NCUA approved the change. On the conversion, at the time, the Missouri Credit Union Association said while it "strongly supports dual chartering, it also acknowledges that the ongoing field-of-membership challenges by bankers are forcing state-chartered credit unions to consider converting." The Association said it is working with Missouri lawmakers to address the "challenges" facing Missouri credit unions during the 2007 legislative session.
Pilger said while it is proud of its original founding sponsor, McDonnell Douglas Aerospace Workers and now Boeing, "a name change was required to ensure growth for the future."