SGE Credit Union will convert to mutual bank status in December, with a proposed change of name to G&C Mutual Bank. SGE's move will take the number of mutual banks to 12.SGE's heritage is as a credit union serving government employees, although it is not a bonded institution and has no membership restrictions. It has 35,000 members and A$670 million of assets.SGE chief executive Dave Taylor said the credit union name did not resonate with the young market SGE needed to attract if it was to grow."When we did some research on this a lot of the young people we surveyed told us a credit union was a type of club or something exclusive they couldn't belong to, or something that was for an older generation," Taylor said."To a lot of people it looks restricted. We want to open it up."Taylor said he met with the heads of other credit unions that had rebranded as mutual banks and found that, in most cases, the experience had been positive."It is not a panacea but it has acceptance with a wider community, with professional markets and ratings agencies," he said."Most of them reported that they got an uptick in membership numbers."SGE is planning some new product launches to coincide with the rebranding. It will launch a new home loan package, new insurance products and a new platinum credit card offering a frequent flyer program. It will also open a couple of new branches.The new name was chosen after members were invited to offer suggestions. The SGE board's preferred name was Australian Community Bank but Bendigo and Adelaide Bank lodged a complaint, saying the name was too close to its Community Bank branch brand.