Hamden-based Wepawaug-Flagg Federal Credit Union has changed its name to CrossPoint Federal Credit Union, according to its website.

The name Wepawaug was given to the nearby river by the Paugusett tribe and the name actually means “the crossing place.”

The credit union cited the need to adjust to the changing needs of its members and community as the reason for the name change, and said the credit union is still in financially sound shape.

“We believe that this new name better reflects who we are today and, truthfully, who we always have been,” Michael J. Hinchey, president and CEO of CrossPoint, said in a statement. “From starting point to every cross point, we empower our members to achieve their financial aspirations.”

Crosspoint has four offices and more than $116 million in assets.