ASX-listed takeover target Goldfields Money Ltd will have to rethink its push to build a national footprint as a digital bank after shareholders rejected a recommendation from directors to change the company's name.A special resolution put to the company's annual meeting in Perth on Monday failed to win enough support from shareholders to change the corporate moniker to Bare Money Limited.As a special resolution, the proposed name change required 75 per cent approval of the votes cast at the meeting.The decision casts doubt over a planned makeover of the business by senior management that was flagged to professional and retail investors earlier this month.Banking Day understands that the resolution garnered about 73 per cent of votes cast, including overwhelming support from Kalgoorlie-based shareholders but was opposed by two substantial shareholders on the register.CEO Simon Lyons said he was surprised that the proposed name change failed to pass."We thought it had the full support from shareholders - we were a bit taken aback but we will now get on with promoting the Goldfields Money brand," he said."It's a bit frustrating because my management has done a bundle of good work trying to build a national digital banking business."Goldfields Money is the smallest deposit taking business in the country and is currently subject to a takeover bid from FirstMac that values the company at around A$27 million.The Goldfields Money board has urged shareholders to take no action in relation to the offer until the release of a formal Target's Statement next week.In a letter to shareholders on 13 October Goldfields chairman Peter Wallace said market research indicated that the Goldfields brand was no longer contributing to the company's growth in WA and other states."The Goldfields Money brand was overwhelmingly seen by the market as being old fashioned, reflecting a slow-moving traditional rural brand that was unlikely to capture the imagination of a younger audience," shareholders were told."To reflect our growth ambitions, we need a fresh brand that, when marketed to existing and potential customers, will reinforce the powerful, innovative, opportunistic and tech-savvy products and services we plan to expand into."Wallace envisaged the rebrand to Bare Money as "a strong, direct and fun name" that aimed to position the business as "stripped back, down to earth, open, honest and truthful".