“The reality is there is a better opportunity for growth with a less territorial name.” – Rollstone CEO Martin Connors Jr.
Fitchburg Savings Bank felt its current name was limiting. First of all, it had grown past its beginnings primarily as a savings institution. Second, it had expanded beyond its roots in Fitchburg, Massachusetts. In fact, over 70% of the bank’s business was outside its hometown.
“From a marketing and branding standpoint, the perception was that if your name is Fitchburg Savings Bank, you only do business in Fitchburg,” said CEO Martin Connors Jr. “But over time we have become much more of a regional bank.”
“It was important for us to find a name with roots in Fitchburg.” – Rollstone CEO Martin Connors Jr.
The bank’s new name will be ‘Rollstone’ (new logo shown below). The new name derives from the “Rollstone Boulder,” an historic symbol in the city of Fitchburg.
The original Rollstone is a legendary rock (shown above), a New England landmark that weighs in at 110 tons.
“It was important to choose a new name that reflects our heritage as well as our future,” said bank chairman Kevin Learned in a press release. The old name was “no longer an accurate representation of who we are.”
“It’s a new beginning. It’s a step forward into the future.” – Rollstone CEO Martin Connors Jr.
On its website, the bank says the reason for the change is that they have simply outgrown their name.
Apparently the bank had been considering a name change for years, but only recently took the idea seriously. After only four months, the final decision to go with ‘Rollstone’ was reached in a unanimous vote among the bank’s directors and shareholders.
The new name will be fully integrated – bank-wide – over the next few months, starting with banners and signs in branches.
The bank has already applied for federal trademark protection with the U.S. Patent & Trademark Office.
The bank has a new slogan to go with the Rollstone name, “Rock Solid Banking Since 1846.”
The bank has grown to $412 million in assets in those 162 years.
- Geographical names are very limiting.
- Having a geographic name is one of the top three reasons financial institutions change names.
- There are names that can emphasize a connection to a local area without limiting one’s geographic scope.
- What impact will the new name have on the bank’s customers? As CEO Conners said, “It’s strictly a name change.”