A longtime Rochester financial institution that's been called by many names is tweaking its moniker again -- this time with a withdrawal.
Think Mutual Bank announced this week that it's dropping the word "Mutual" from its name, though it will remain a mutual bank. Being a mutual bank means Think is owned by its members.
This move officially changes the name of the bank to what its customers casually call it -- Think Bank.
"Our new branding platform and marketing messages will reflect what makes us different in a way that helps us stand out," stated Senior Vice President of Marketing Chad Murray in the press release describing the name change.
Along with the new name, a new logo is being introduced "with upbeat colors, a more welcoming design, and a more relatable new tagline." The current blue color is being replaced by a raspberry purple hue. The tagline is changing to "Meet Your Money."
During the winter and spring months, Think Bank’s 10 branch offices will be updated with the new branding. In early 2020, a redesigned version of the bank web site will be launched.
"I’m very excited about our new look, mostly because it better reflects our customer-centered approach to doing business," stated Think Bank CEO Paul Mackin in the press announcement. "What’s not changing is who we are and why we exist."
This is latest in a long series of names for this institution with deep roots in Rochester.
- 1961 -- IBM employees tossed in $5 apiece to start the IBM Credit Union.
- 1976 -- It became IBM Mid America Federal Credit Union after taking on a federal charter, allowing it to operate across state lines. Membership opens up to IBM workers and families in Minnesota and states from Nebraska to Wisconsin.
- 2003 -- The credit union dropped IBM from the name and became the Think Federal Credit Union.
- 2007 -- Customers voted to become a bank and the name changed to Think Mutual Bank.
- 2019 -- The bank drops the word "Mutual" to become Think Bank.