Global Credit Union, the Spokane-based financial institution, is preparing to undergo a sizable rebranding effort starting next year, says President and CEO Jack Fallis.

"I think we've come up with a recipe for success," says Fallis, who has been Global's top executive since 2004, regarding the planned changes.

For Global, which was founded in 1954, that recipe includes what Fallis describes as a new look, new feel, and new attitude. The exact details of the rebranding are still being determined, he says, but he expects to unveil those changes to the public during the first quarter of next year.

Fallis says the Global Credit Union branch at Shadle Shopping Center on Wellesley Avenue, which is slated to triple in size, is currently undergoing a remodel that, come February, is expected to reflect the looming changes for the rest of the credit union. He says some branches are likely to be remodeled to reflect a look geared toward attracting a younger audience.

"We want to look a lot different than we do now," Fallis says.

With the expected image overhaul, Fallis says operations also will receive some attention. He points specifically to changes in its lending programs and a substantial overhaul of its electronic banking features. Fallis says although exact changes haven't been determined, the goal of changing up the programs will be to increase usability for customers.

Fallis says Global hopes to have all of its branches updated within a year of the unveiling of the rebranding.

Global Credit Union, with headquarters located at 1520 W. Third in downtown Spokane, serves residents of Washington and North Idaho, and members of the U.S. Armed Forces or retired military personnel. It has 10 branches and two lending offices in the Inland Northwest, including a branch at Fairchild Air Force Base, and three additional military branches in Italy.

Fallis says in the United States, 50 percent of its customers are affiliated with the military. That number is closer to 100 percent at its Italy branches.

Fallis says after the financial crisis, a number of banks and credit unions considered making changes to their look and their brands. He points as an example to Sterling Financial Corp., which recently underwent a rebranding that included changing the name of its financial institution to Sterling Bank from Sterling Savings Bank.

"Just as for-profit banks are trying to earn money for shareholders, we're trying to earn value for our customers," Fallis says.

Global also plans to focus on streamlining its mobile banking and mobile application available for iPhone and Droid, he says.

"There's so many ways members want financial services now," Fallis says. "We're making sure each one of those delivery branches is as robust as it can be."

In 2008, Global reported a net loss of $3.5 million and a loss again in 2009 of $1.1 million. The credit union rebounded in 2010 and 2011 with a net margin of $2.3 million and $3.8 million, respectively. This year, the credit union had posted net income of $144,000 as of Sept. 30.

Fallis says he projects to grow revenue over the next five years, spurred by the financial institution's rebranding effort, which he hopes will bring an increase in membership.

Over the last three years, Fallis says, Global Credit Union's board of directors has been looking at how to operate better, faster, and cheaper than competitors. Those competitors, he says, include not only other credit unions and banks, but also nonbank competitors such as check-cashing businesses that have started operating more as banks.

"We're really taking a hard look at those products and services that we do well," he says.

Financial institutions, which took a hit in the 2008 market crash, have tried to weather that storm, Fallis says. After that financial-sector collapse, regulations were put in place that Fallis argues changed how banks and other financial institutions do business.

"The whole financial-services landscape has changed," Fallis says. "Dealing with all the regulations has been a monumental task."

Fallis says those changes lead to financial institutions making business decisions more for regulations than for customers. He says changes in store for Global will reflect the credit union refocusing on its member base.

Fallis says with the rebranding, he would like to see Global double its membership base over the span of five to seven years.

Financial data submitted to the National Credit Union Association by Global shows the credit union's employment has remained relatively the same compared with last year. Membership dropped this year by almost 700 people, down to 47,999 from 48,693 as of Sept. 30. Global's membership has fluctuated over the years. Fallis says the membership loss equated to a cleanup of member accounts that were inactive. He says although the net new member growth is negative as of Sept. 30, in reality, Global added more new, active accounts.

Global reported having 151 employees companywide as of Sept. 30. On the same date last year, the credit union reported having 148 employees. Global Credit Union reported total assets of $352 million at the end of the third quarter, nearly unchanged from a year earlier.

Financial data show dips in the credit union's assets and employment after 2008. Its assets declined to about $355.7 million in September 2009 from about $370 million in September 2008 and its total workforce dropped to 165 employees from 192 during that same period.

The number of loans issued by Global rose in the latest quarter, compared with the same quarter last year. Financial data through Sept. 30 show Global issued 2,803 loans so far this year, amounting to $115.3 million, up from 1,911 during the same time last year, which equated to $60.2 million.

Fallis believes the credit union is starting to rebound.

"We've weathered this financial crisis very well," Fallis says. "There was that time back in 2007 and 2008 when people thought the sky was falling."

He expects employment to rise once membership at Global grows.

"We're very, very optimistic about the future and excited about where we're going," Fallis says.