Bank SNB: Rebrand
Stillwater National Bank was a 100+ year old bank in late 2012 when a new CEO took the helm. The brand’s reputation had been tarnished due to financial difficulties experienced during the recession. The $2 billion publicly traded bank had outdated technology, a shrinking asset base and an inconsistent public image across all of its markets. It also had very deep expertise in a few industries, significant market share in some smaller communities and a board of directors that was ready to compete.
- Launch revised brand
- Establish expertise awareness in healthcare, energy and commercial real estate
We took a deep dive into the culture of the bank, interviewing employees at every level, in every market and with varied tenure. We surveyed the general public in their primary markets in order to understand perceptions of the brand. We talked to existing and former commercial clients as well as some prospects. We wanted to know the good, the bad and the ugly. And we found out all of it. Including some very distinct brand attributes that could be capitalized on.
With significant growth goals, a commercially focused bank needs to have the confidence of the business market.
The bank’s existing name was tied to the rural community where it began. It was holding the bank back from growth in metropolitan areas, despite its proud history. Our recommendation was to change the name, while retaining equity. Bank SNB is an active name that implies that there’s a better way to bank. They’re not an idle noun, they’re an active verb.
When the new brand was introduced, the stock price was hovering around $10. A year later it edged over $18 per share. Almost 50% of institutional holders have increased their position in the stock. Total assets are up 2.5%. An old institution is being transformed into a vibrant banking partner.