MONTE VISTA — Rio Grande Savings and Loan Association is changing its name to, “RG Bank.”
The establishment has seen a few name changes since it first opened in 1905.
When it originally opened it was called, “Monte Vista Building Association.” In 1963 they changed the name to, “Monte Vista Savings and Loan Association.”
In 1974 they became, “Rio Grande Savings and Loan Association.” And now in 2021, they are changing their name again to, “RG Bank, a Savings and Loan Association.” Which they plan to market as RG Bank.
When asked what prompted this new name change President and CEO Shon Davis answered saying, “Many years ago, a savings and loan operated differently than a bank. Over the years, the rules and regulations have changed and now we can offer products and services that a bank can. We want to send that message, that we can offer products and services you will find at any bank, to our current customers and to the communities we serve.”
Davis also made it clear that this new name is strictly for marketing purposes.
“This name change is strictly for marketing purposes,” Davis said. “We have not sold. We are not merging. We will remain a mutual form of ownership, there will be no stock issuance.”
Davis also shared that customers will still be able to use their existing checks and debit cards.
“We will be issuing new debit cards with the new name and logo, but do not have confirmation on the date. Until then, the existing cards will work. ACH transactions into and out of their account that are set up will also continue to work,” said Davis.
State rules will require the formal name to be “RG Bank, a Savings and Loan Association,” but the shortened RG Bank will be used for marketing purposes.
“Our annual Meeting of Members is Feb. 10,” Davis said. “Members have to approve the formal name change at this meeting. Once members approve the name change, we will have to gain State of Colorado approval. However, for marketing purposes, we can begin to use RG Bank quickly and customers and community will begin to see the changes almost immediately.”