CUSTOMER-owned bankmecu will change its name next month to Bank Australia.
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The former credit union, which has one of its main service centres in Bendigo, started notifying customers of the change by email earlier this week.
Letters in the mail will follow this week.
The name change will take effect on August 17.
The bank describes the move as a "purpose-led" transformation, in line with its strategy of being Australia's customer-owned and responsible bank, and about wanting to have a predominant market share in socially aware consumers.
Head of corporate affairs Fiona Nixon said the name change was neither rushed or lightly taken, and more than 12 months in the making.
"It's really about setting the bank up for the future," Ms Nixon said.
"It's something that's been in the back of mind, whether this is the right name to carry us forward.
"We think it is."
Formerly mecu Ltd, bankmecu became Australia's first customer bank in September 2011.
It was created through the merger of nearly 60 credits unions, many with their origins in Bendigo.
These include Kennington Parish Co-op, Sandhurst Credit Union, St Killians Co-op, St Mary's Kyneton Co-op, St Mary's Golden Square Co-op, St Joseph's Quarry Hill Co-op, White Hills Parish Co-op and Bendigo and District Credit Union.
The bank says the name change is not intended to distance the bank from its credit union origins.
"Nothing much - other than the name - will change," Ms Nixon said.
"We're still taking care of all of our customers wants and needs.
"There's always been a very strong presence in Bendigo and western Victoria, including Castlemaine, and that won't change."
Bank chairman Judith Downs said the board had tested a range of new names with customers and prospective customers before settling on Bank Australia.
The bank has 24 service centres throughout Victoria, Queensland, New South Wales, the ACT and South Australia.
It employees 350 staff, including 35 in Bendigo and 72 across western Victoria, holds in excess of $3 billion in assets and services about 127,000 personal customers.
The bank announced strong 2015 half year financial results, with an net profit after tax of $13.23 million.
