Banker Report

Give me a rebrand or give me death! 

Not quite as awe inspiring as Patrick Henry’s famous, “give me liberty or give me death!” – but the wave of rebranding is hitting community banks in full swing and is worth taking note.

Over the past couple decades the number of community banks have been dwindling. According to the FDIC, the number of community banks in the US now sits around ~3800. In 2006, 20 years ago, the number sat closer to 8000 institutions. 

What is happening? Most are dissolving, merging, or are being acquired by much bigger banks. In response, many banks are choosing to rebrand and reinvent themselves while still maintaining their historical relationships and draw. Let’s look at a few examples:

Community Banks Rebranding for Survival and Growth

Grant County Bank in West Virginia is now Highlands Bank. The first difference is that, instead of targeting just one county, the name “Highlands” opens the bank up to more customers in a larger region. Furthermore, the whole feel and presentation of the brand hits hard on the community bank’s strengths: relationships. Each employee is listed, including leadership, which may seem risky but is a great way to express to their customers, we have nothing to hide and here are the friendly faces you’ll get to know when you work with us.

Local Bank in Alabama, was once called Peoples Bank of Red Level. They wanted to grow from a small town where they did well, to larger markets like Tuscaloosa. So far the rebrand has been successful. They also implemented referral tools and other strategies to break through and gain more market share in bigger markets. 

There have been many more rebrands, with states like West Virginia taking the lead. The FDIC shows that the sweet spot for community bank survival is around the $350 Million to $3 Billion asset mark. The closer to $1 Billion the better scale for your bank seems to be. 

Do you have plans to rebrand or grow?

Read More: Boost Bank Marketing ROI With This Unique Strategy