SunState Federal Credit Union in Gainesville, Fla. is set to rebrand as Radiant Credit Union following a conversion from a federal to state charter.
The new name will take effect Jan. 4, the company said in a press release Friday.
The credit union formed in 1957 as Florida USDA Federal Credit Union and changed its name to SunState in 1993. Six years later it converted from an occupational-based federal charter to a community-based federal charter.
The move to a state charter gives Radiant greater flexibility to expand service beyond its current markets while positioning it to realize greater efficiencies and economies of scale, the company said.
“The new charter and name encompasses our mission and purpose, while communicating the fact that all are welcome to join the credit union,” said Chairman Cynthia Brochu.
President and CEO Tom Barnard added that the credit union recently began refreshing branches, improving its website and introducing new technology as part of the rebranding effort.
SunState reported net income of roughly $4.6 million in the first three quarters of 2020 compared to earnings of about $3.1 million during the same period last year, according to call report data from the National Credit Union Administration.
