Brockton Credit Union’s name will be changed to HarborOne Credit Union in the first quarter of next year.

In an effort to attract more customers in a greater geographic region, one local credit union is changing its name during a time of financial shakeup in the Boston banking marketplace.

Brockton Credit Union, the largest state-chartered community credit union in New England – which serves people who live or work in Norfolk, Bristol, Plymouth and Barnstable counties – is preparing for a name change to occur in the first quarter of 2004.

James Blake, president and chief executive officer of Brockton Credit Union, said he hopes the credit union will continue to grow, expand, gain more recognition and eliminate the confusion of “what is a credit union?” that has been questioned in the past.

“If you survey consumers and ask them about credit unions, they typically will indicate that they are small organizations with membership requirements, and that is absolutely true, but that is not what we are,” said Blake. “We need to find a way to break out of that.”

Brockton Credit Union will become HarborOne Credit Union, a name that attracts those consumers reaching into the outermost harbor locations in Massachusetts, according to Brockton Credit Union Senior Vice President Leo MacNeil.

“Finding a new name is challenging and oftentimes frustrating. You look for ideas that have a connection with your heritage and we could not come up with a name that met that criteria, that when we did a trademark search was not already taken. But we wanted to reach a greater customer base,” said MacNeil. “You can see on the map where Brockton Credit Union is going – it is expanding to the harbor.”

MacNeil added that the name change, designed to include all of the credit union’s customers, could not come at a better time.

“In these ever-changing financial markets, people are seeking a safe harbor in times of a financial uncertainty. As a credit union, we can’t be acquired. We are local and independent – it’s a change in name only to benefit our marketplace,” he said.

‘The Logical Choice’

According to Blake, the name change reflects the credit union’s financial growth, geographic diversification and “unwavering commitment to operating independently” throughout Massachusetts.

“We have, in the last number of years, really expanded outside the city of Brockton and as we have expanded as a credit union, there has been confusion on whether or not you have to live, work, or be affiliated with the city of Brockton to join,” said Blake. “Because we have such a significant investment in future expansion, it’s important that we have a name that everyone recognizes and doesn’t create artificial barriers that prevent people from becoming credit union members.”

Blake said the credit union will remain locally owned and operated as it always has, and customers will not experience any change or have to take additional steps as a result of the new name.

“We believe the new name better reflects our growing market area on the South Shore as well as our commitment to serving as a friendly, safe harbor for those seeking personalized service in today’s sometimes impersonal banking world,” said Blake. “For people looking for a locally based, independent financial institution with great rates, ‘big bank’ products and know-how, and personal service, HarborOne is the logical choice.”

Although the name change is set to go into effect early next year, the amount of work that has to be done internally is extensive, according to MacNeil.

He noted that everything from new signage, advertising campaigns, stationery, business cards, note cards and technological changes will be costly, but necessary, for the credit union to officially prepare for the name change. Still, he added, customers should not be fazed.

Rather, MacNeil said the name change will give the credit union a better competitive advantage in the marketplace.

“There shouldn’t be any effect for consumers other than change of name. Any change beyond that should be transparent to our consumers,” said MacNeil. “Research indicated this, especially in suburban communities, that people become confused or uncertain on whether they can join a credit union. So I hope [this name change] puts us in a much stronger competitive position in that people in our marketplace, that are not resident to Brockton, will become more friendly and receptive to opening accounts with us.”

In addition to new signage and stationery, the credit union is expanding its corporate headquarters in Brockton by moving from its current location at 68 Legion Parkway to a 75,000-square-foot space on Oak Street.

Having received approval from the state commissioner of banks to administer the name change, as well as an advance go-ahead from the Division of Banks to purchase the piece of land prior to it being developed, Blake said the credit union is on the path to making big changes in the banking community.

“We bought the land over three years ago … we’re always looking to expand and we are scheduled to move into the new building in October 2004, and there is more and more opportunity for an organization like us – who can’t be bought and has strong community ties – for consumers to look to us for more stability, and a safe harbor,” said Blake. “There is no change associated with the name from an organizational standpoint or charter standpoint. It’s really time to make this name change.”

Melanie Nayer may be reached at mnayer@thewarrengroup.com.