Dearborn Federal Credit Union Changes Name To DFCU Financial

DEARBORN, Mich.--Dearborn Federal Credit Union, Michigan's largest credit union, is changing its name on January 21 to DFCU Financial in the most visible element of an aggressive growth plan.

In the past two years, the six-branch financial institution has achieved significant growth to manage nearly $1.6 billion in assets while broadening its product line, developing financial expertise and offering personalized service.

To build on this success, DFCU Financial President and Chief Executive Officer Mark Shobe explained that a new business strategy was critical to allow the organization to enter new markets and increase consumer awareness of its products, service and expertise.

"We recognize that our 170,000 members have an overwhelming number of financial provider options," Shobe explained. "The name change is an important step in our continued success because the current geographic name limits growth into new communities."

This name change will be the fourth in the 50-year history of the cooperative financial institution. In 1950, it was chartered as Ford Engineering Employees Federal Credit Union. As its membership expanded, in 1954 the organization became Ford Dearborn Federal Credit Union and then Dearborn Federal Credit Union in 1960.

Shobe said, "As in the past, our membership continues to change. DFCU Financial will serve us well as we expand to new markets and build awareness of our full-service expertise." The credit union plans to open branches in Canton, Novi and the Southgate over the next two years, and is considering future sites in other communities as well.

"Our members were the driving force in determining the new name," Shobe said. "We talked about an entirely new name, but as we listened to our members, we found that many already used the acronym. Our members were very clear on three points: preserve a connection to the heritage of the organization; continue to build awareness that DFCU Financial is a full-service financial institution, and maintain our local community feel while emphasizing that we are a large organization."

Shobe emphasized that while the name is changing, DFCU Financial remains a credit union offering highly personalized service and financial expertise to its members. And although signs will reflect the new name, this change will not impact members' accounts.

DFCU Financial is the largest credit union in Michigan and is among the 30 largest nationally. It operates six full-service Detroit-area branch offices in addition to a student branch at Dearborn High School. With nearly $1.6 billion in assets, DFCU Financial serves nearly 170,000 members in more than 35 countries. Membership is open to numerous employee groups including employees and families of any Ford Motor Company or subsidiary unit in the United States that is not served by another Ford employee credit union, employees of Henry Ford Health System and Oakwood Healthcare, Inc., and members of Henry Ford Museum & Greenfield Village.

What are people saying about mortgages today:

Rates on 30-year mortgages edged down last week to a seven-month low. Mortgage-giant Freddie Mac reported Thursday that 30-year, fixed-rate mortgages fell to 6.3 percent, down slightly from 6.31 percent two weeks ago. It put rates at the lowest level since they were at 6.24 percent the first week of March.

Bank of Hawaii, Central Pacific Bank, Territorial Savings Bank and Wells Fargo Home Mortgages all cut their 30-year mortgage rates to 5.75 percent this week.

Most people think of a mortgage as a means to an end. After all, you buy a house, not a home loan. But a mortgage is much more than the path to homeownership. It is a financial instrument that must be managed, just like any other financial investment.