In need of a name and brand identity, a local services company seeks to enter a market in which competition is steep
Keen strategy and effective creative propel TowneBank’s success—allowing it to gain a significant customer base and grow each year
Industry: Financial Institution
Issue: Start-up bank needs an edge against well-established competitors
In fall of 1998, Bob Aston and his team of bank professionals had raised $50 million from local shareholders to create a new banking institution for the greater Hampton Roads area. Both Aston and his team were lifelong residents of Hampton Roads; people whom the community knew and trusted.
The bank was on schedule to open three branches by April. Being so new, the company knew it would be difficult to compete with long-established financial institutions while having zero brand awareness.
Aston and team turned to Seventh Point for branding, positioning and overall marketing needs.
Insight: The competition can’t come close to the new bank’s “local” status
Seventh Point identified the potential appeal to customers of a “hometown bank” where, unlike larger banks, decisions are made locally.
The Seventh Point team knew it was important to create a brand identity that leveraged the bank’s position, a bank developed by and for the local community. The team understood the necessity of designing a logo and marketing collateral that instantly communicated the hometown message.
Implementation: Build a brand from the roots up that maximizes hometown appeal
Seventh Point created the name “TowneBank” and built a corporate identity and logo around it to be consistent across all marketing materials
The team implemented public relation efforts, including press releases, grand openings, interviews and events to build awareness in the marketplace
Seventh Point then carried the new brand through numerous product launches, such as its insurance and mortgage divisions
Impact: TowneBank flourishes—expanding to 17 branches in just nine years
TowneBank has become the fastest growing start-up bank in Virginia history, with assets increasing 90 percent Year-Over-Year
Experienced an increase of assets, loans and deposits of over 30 percent each year, putting TowneBank in the top five Hampton Roads community banks
Was noted in financial trade publications as one of the country’s fastest growing community banks
Grew from three locations in their first year to 17 in less than ten years, including two insurance and one mortgage location
TowneBank is currently the largest bank based in Hampton Roads and the most successful bank ever chartered in the Commonwealth of Virginia, with over $3 billion in assets, 40,000 members and over 8,000 stockholders
Seventh Point offers media, marketing and advertising to mid-sized to large organizations and challenger brands. Providing big-thinking strategy, with personalized customer service. Clients receive more leads that are better qualified with analytics that provide insights to what’s actually working for their bottom-line.
Contact us or call Ted Rooke at (757) 473-8152 for your own customized media plan.