First Federal Savings & Loan Association of Coeur d'Alene, Idaho's largest thrift, plans to change its name and convert to a commercial bank.
President Jon Hippler announced a name change to Mountain West Savings Bank and the company's application to the Federal Home Loan Bank Board for permission to change its charter to a federal savings bank."Primarily, the difference is that it allows the addition of the word `bank' to one's corporate title," Hippler said. "We see ourselves as more of a retail commercial bank than we do a savings and loan. We want the public to see us as we see ourselves."
Analysts, however, said the change is aimed at distancing a healthy company from the ailing savings and loan industry.
"The name `bank' is more popular and more positively perceived by clients," said James Bellessa, an analyst with D.A. Davidson & Co.
In October, First Federal acquired Mountain States Savings Bank of Ketchum, which included branches in Gooding, Hailey, Salmon and a loan-production office in Boise.
First Federal, with $321 million in assets, now has 10 offices in Idaho. It also has loan offices in Spokane, Wash., and Las Vegas, Nev., which will share the Mountain West name.
Several other regional financial institutions have recently changed their names, including Idaho First National to West One and Rainier to Security Pacific Washington.