Create a new look to reflect the bank’s growth and advancement, while staying true to its long-standing values and commitment to community.
Melrose Cooperative Bank decided to drop the “cooperative” and proceed with its name as Melrose Bank. This was primarily due to the perception that membership was required, similar to a food “co-op”. In light of the impending name change, the bank recognized that it was a good time to proceed with a complete brand refresh. Through updating the brand, the bank looked to continue to appeal to existing customers while also positioning itself in a more favorable light to potential customers within its existing footprint – and beyond.
The rollout of the brand refresh prioritized existing customers by ensuring they were informed about the changes before they happened. Furthermore, when the brand went public, marketing materials were sent beyond the bank’s standard footprint in order to encourage increased awareness. Changing the institution’s name from Melrose Cooperative Bank to Melrose Bank initiated a shift toward a more modern brand. The agency began the rebranding process by holding in-depth discovery sessions with the bank. With this information in hand, the creative team began exploring and proposing concepts that were designed to better highlight the bank’s personality. When brand elements were finalized, the agency worked alongside the bank to ensure the rollout process was smooth and effective. Special attention was directed toward preparing existing customers for the upcoming change in order to avoid any confusion and to assist in the adoption of the new brand.
Changing a bank’s name and brand at the same time runs the risk of causing customer confusion. The bank wanted to address any concerns that it was being acquired, so a proactive approach was taken. During the months prior to the rebrand launch the bank started answering the phones without “cooperative” so many people were already familiar with the new verbiage. Landing pages were also utilized to address potential customer questions and concerns. Additionally, all materials incorporated a “New Look, Same Bank” message to emphasize that the products, services, and personnel were not changing – just the bank’s appearance. The agency helped the bank take an integrated approach to rolling out a more modern brand that was received very well by customers and the community alike. Product specials were also a part of the brand roll-out, including mortgage and CD promotions, along with a new All-In Checking Account that featured a bonus of up to $125. The new products and brand were very well received, and since the launch the new All-In checking account has generated over $800,000 in core accounts for this one-branch community bank.
“Despite the major changes that the bank underwent throughout the process, there was no negative fallout from customers or the community. This is significantly credited to the thorough plan that was in place to ensure customers were educated throughout the entire transition process.”