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My Personal Credit Union selects new name

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My Personal Credit Union in Wyoming, Mich., has changed its name to Bloom Credit Union.

The revamped name better represents the institution’s “goal of helping people thrive financially,” the $140 million-asset credit union said Tuesday in a press release. The rebranding came about after an in-depth review of its mission and core values and an analysis of how it is positioned in the market, Daniel Baines, Bloom’s CEO, said in the press release.

The change took effect Monday.

“We’ve had a solid reputation and earn very high member survey satisfaction marks from our existing members,” Baines said in the press release. “But our name was a bit confusing to many, a little long, and it didn’t really fit with where we were going as an organization. The new name is distinct, easy to remember, in line with our historical strengths, and it will allow us to focus on our passion for helping people thrive financially.”

Bloom has five branches in the greater Grand Rapids, Mich., area and more than 14,000 members. While many credit unions already have a presence in the city, competition is on the rise, with CUs based in other parts of the state – most notably Michigan State University Federal Credit Union and University of Michigan CU – in the process of adding branches there. Both institutions are based 45 minutes or more east of Grand Rapids.

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