A change borne of opportunity
A true community bank with deep east Texas roots needed a new name to match their independent spirt, as they forged an expansion effort into new growth markets, all while solidifying their commitment to service. Relying and expanding on their signature colors, core values and keen focus on relationship banking, the new VeraBank name and brand identity would be poised to sustain the organization for the next 90 years.
Here’s look at the focused approach to their new brand name.
Goals: Partnering with Adrenaline, the primary focus on renaming the organization was in identifying a moniker that was unique and a brand that was memorable without shifting too far away from their legacy. Built around fundamentals to the organization – transparency, trust and service – the new VeraBank name would simultaneously speak to their past and their future in the communities they serve. The resulting market introduction was multichannel effort topped off by a brand launch video that reaffirmed relationships with current customers and created connections with new ones.
Audience: VeraBank’s primary focus was on engaging current customers and captivating prospects with the new brand that represented something unique and distinct. The goal was to create such goodwill that there would be little risk of attrition or customer loss. Foundational to the launch was internal advocacy, reaching out to employees, shareholders and communities, to build a network of support from within.
Results: The biggest benchmark for success was avoiding customer attrition. VeraBank was focused on making this name change to minimize the downside and maximize growth. Post launch, the community bank lost very few customers and received relatively little negative feedback about the new name. This spoke to the balance achieved with the new name, setting the bank apart from other like-named community banks within their footprint.
Woodie Tipps, EVP and Chief Retail Officer, says, “We have created a unique name and identity that we can own well into the future. Remaining true to our roots, the new name successfully tied our heritage past to our future prospects and demonstrated our commitment to transparency and integrity. By weaving ‘genuine’ community banking throughout our new brand, we’ve elevated ourselves to a position that not only captures who we truly are but who we plan to be for years to come.”
Tune in to hear Brad Tidwell, President and CEO of VeraBank, as he talks about the benefits of the rebrand, along with other issues facing community banking in two special guest episodes of the bimonthly Believe in Banking Podcast.
For financial institutions seeking advice and expertise about nourishing and fortifying core customer relationships through customized brand experience and marketing campaigns, contact us at firstname.lastname@example.org.
Adrenaline is an experience design agency that creates and implements end-to-end branded experiences through creative and environmental design. We enhance our clients’ customer experiences across digital and physical channels, from their branding and advertising to design and technology in their spaces. After transforming an organization’s brand, Adrenaline extends it across all touchpoints — from employees to the market to in-store environments. And, we focus on serving industries that sell human experiences including financial, healthcare, sports and entertainment.