Independent Banker - December 2022 - 63

Left: SimplyBank aimed
to expand into larger
areas with the help of its
new name.
to undertake the search for a new
name? Each has a unique set of issues
and goals that led them to the path
of a complete rebrand, but there are
some commonalities.
Verimore Bank in Brookfield,
Mo., for example, changed its name
any decades ago, when many community banks were founded,
no one worried too much about what their names ought to be. If
there was already a " First State Bank " around the corner, then
a newcomer might choose something like " First National Bank "
as a name instead. But the changing consumer and financial landscape has seen
community bankers trying to think more like marketers in other industries,
seeking to rebrand themselves with names that are creative, clever and memorable.
We spoke with a few community banks that have recently gone through a
name change. They told us about their reasoning for the new names, what's most
important to keep in mind when embarking on a rebrand initiative and some
smart, practical tips for those who might have a name change in their future.
M
An analysis conducted by Tupelo,
Miss.-based marketing agency Mabus
found that most banks in the U.S.
" retain names from an era before
deregulation, fast-paced M&A and
growing footprints. "
After creating a spreadsheet of
current bank names, the agency found
that nearly two out of three banks
use one of these top five words in
their name: State (18%), First (15%),
National (12%), Trust (10%) and
Savings (9%). The next 15 words in
the list appear in nearly half of all U.S.
bank names: Company, Community,
Farmers, Citizens, Federal, County,
Loan, Peoples, Association, Security,
American, Merchants, Valley, City
and United.
The analyzed bank names share
just 900 core words, a number that's
only about 0.5% of the 171,476
active words in the English language,
according to the Oxford Dictionaries.
Yet banks are beginning to think
about all those other words they could
use-or perhaps even using some
names they make up themselves.
Setting off on the renaming journey
How did the community banks we
spoke to know that it was a good time
from First Missouri Bank in August.
" We did some market research and
conducted customer and stakeholder
focus groups as part of our brand
assessment process, " says Kristie
Stuewe, chief executive officer and
president of the $442 million-asset
community bank. " We wanted a
name that said more about our
commitment to our customers and
who we are than geography. The First
Missouri Bank name served us well
for many years, but neither 'First' nor
'Missouri' stands out, and that name
was selected long before we expanded
our footprint to counties that border
other states. "
In the case of $700 million-asset
SimplyBank in Dayton, Tenn.,
there was a need to bring three
organizations-Community National
Bank, First Bank of Tennessee and
Advanced Banking Services-under
one brand roof. " We had a different
set of examinations for each company,
which was inefficient, and my job has
been to find efficiencies, " says CEO
John Owen.
In addition, the bank planned an
expansion into bigger urban markets
and felt that a new name would help
with that effort. " We wanted to be
identified as a bank that could offer a
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