NY Times classic on bank name changes
A New York Times article from 1987 says the scramble for good names causes some normally staid financial institutions to wage trademark battles.
It seems some things never change, like these familiar reasons to change names:
“Banks seeking to change their names are attempting to upgrade their image and to convey to their customers their broader market strategies.” — NY State Department of Banking Commissioner Howard B. Brown
Regarding the financial cost of changing names, the article shares a realistic perspective:
“Even a small bank can expect to spend upwards of $500,000 on marketing, logo design, legal costs and other associated expenses, but that many of the banks feel it is a step they have to take.”
Yep, that’s right: $500,000. In 1987 dollars.
This article © 2012 by The Financial Brand and may not be reproduced.
Related Articles From The Financial Brand:
- Name Change Review: Salal, Quest and 6 Others
- Sunova’s ‘Bank Brighter’ Brand and Big D.O.G.
- Hi, My Name Is… BluCurrent, Fieldstone, Evolve, Catalyst
- Who’s First? First Michigan? Or Michigan First?
