MCEFCU is now SkyPoint Federal Credit Union
GERMANTOWN, MD (April 16, 2019) — Montgomery County Employees Federal Credit Union announced today a new name and brand identity as SkyPoint Federal Credit Union. Over the past few decades, the credit union has shifted from purely serving one corporate partner to more than 40. More recently, it announced approval for a community charter and Community Development Financial Institution (CDFI) designation. The credit union changed its name to better reflect its promise to membership.
“We are unconventional and innovative,” said Jim Norris, CEO of SkyPoint. “We take our calling seriously to pay attention and raise our members up. This is something that cannot be labeled by industry or boxed in by borders. We want to help our members live life fully – to ‘fly high’ with goals and ambitions. Today, we have a brand that serves as a daily reminder of that commitment.”
Over the past five years, the credit union has grown 53.3% to more than $146 million in total assets. Membership has increased from 12,453 to 14,697, an 18% increase. Total loans grew 116%, from $53.6 million in 2013 to finishing 2018 at $115.9 million.
Originally chartered in 1968 to serve the employees and family members of Montgomery County Government, the credit union recognized how hardworking individuals deserve the very best. The sky is inspiring and infinite, and the new brand identity fits with how the credit union is helping change the way people feel about life and finances.
The community charter, announced in January, opens membership to anyone who lives, works, worships, attends school or volunteers in the counties of Montgomery and Frederick in Maryland; the District of Columbia; and Alexandria, Falls Church and Arlington County in Virginia.
In late 2017, SkyPoint opened its third Montgomery County branch in Silver Spring. The other two locations are in Germantown and Rockville.
“There’s a momentum gathering in Montgomery County that members and staff should take pride in,” Norris said. “This is our home and it means a great deal. We are proud of our legacy and we are trending in the right direction.”
Meanwhile, SkyPoint’s CDFI certification allows the credit union to provide responsible, affordable financing to low-income and underserved communities that most mainstream financial institutions are unable to reach. As an alternative to the high-cost payday lenders, SkyPoint can help members with specialized financial services and financial education.
Norris said the core values of the credit union have not changed but are simply more defined. The credit union has long been known for “making banking simple.” Every credit union associate serves each member with open arms – never fixated on the problems but focused on simple solutions.
“Building on what’s right and getting members to see what’s possible… that’s what we are all about,” he explained.
About SkyPoint Federal Credit Union
A community-based, not-for-profit, financial institution, based in Montgomery County, Maryland, SkyPoint serves the greater Washington D.C. metro region and those who want to partner with a financial institution who makes banking simple and accessible. A designated Community Development Financial Institution (CDFI) credit union, SkyPoint helps our members, partners, and the communities we serve, gain access to the investment capital and financial services needed to prosper, increase economic independence, and drive overall sustainable economic growth and community development. For over 50 years, SkyPoint has served as a strategic and reliable partner to both public and private organizations that directly support underserved and unbanked communities, who want to work together to elevate the community and one another. To learn more about SkyPoint, visit www.skypointfcu.com.
