Bank picks historic town symbol as new name

“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.

Bottom Line:

  • 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.”

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This article was originally published on February 27, 2008. All content © 2018 by The Financial Brand and may not be reproduced by any means without permission.

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  1. UPDATE: August 9, 2008

    Rollstone Bank & Trust announces renovation plans

    Rollstone Bank & Trust will soon begin a new phase of renovations at its headquarters, located at 780 Main St. This round of improvements follows its recent $1 million rehab of its 8,000 square foot commercial banking center.

    The current Main Street branch will be closed and a new one constructed within the lower level of the bank’s administration building. The exterior design of the new branch will complement the adjacent commercial banking center and other downtown Fitchburg architecture, while offering a more modern interior. Both the exterior and interior will feature eco-friendly materials and systems. The branch will include an ATM, safe deposit boxes and night depository.

    At the site of the current branch, additional parking spaces will be added and landscaping will be installed to mirror that of Renaissance Park, which is owned and maintained by the bank. The exterior of the current branch features a bas relief frieze depicting man’s search for shelter and a wooden sculpture illustrating the story of money is displayed prominently in the lobby. The bank is working with the Fitchburg Art Museum to determine the best placement for both of these works of art.

    The branch will keep its regular hours during construction. Exterior work will begin in early August and is expected to be completed by the end of the year. The anticipated opening of the new branch is Spring 2009.

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