Come May 21, Winchester Federal Bank will officially change its name to WinFirst.

The board of directors announced the decision Thursday evening. Kari Gough, president and CEO of Winchester Federal Bank, said the name change has been in the works for awhile.

“It’s a direction we have been heading in for quite some time,” Gough said.

The bank is planning to grow outside of Winchester, Gough said. Gough said she could not give out the exact locations yet, but the sites will be in contiguous counties.

Winchester Federal Bank (WFB) started as Winchester Federal Savings and Loan Association in 1934 during the Great Depression. The business gave its first loan on Jan. 14, 1935 on a house built on Pendleton Street, according to its website. The loan was for $1200 with a payment of $12.

Since then, the bank has continued to grow. BauerFinancial, Inc., the nation’s leading bank rating and research firm, recognized WFB as a 5-star bank for over 25 consecutive years, a ranking less than 3 percent of all banks in the country receive.

Gough said it has always been a goal of the bank’s to expand outside of Winchester, and now was finally time.

The name, WinFirst, derives from “Winchester First.”

Sarah McCready Boston said the name indicates the bank’s acknowledgment of its roots.

“We believe the name WinFirst really captures our sentiment about Winchester that we are serving Winchester first and will continue to serve Winchester with the highest service,” she said.