Community banks explain the meaning, success behind unique monikers

Many community bank names exemplify tradition. While “First National Bank” and “First State Bank” are familiar, other banks are choosing more unique names to differentiate themselves from peers, and to better explain their underlying mission. .Take Bloomington, Minn.-based EntreBank. The name of the more than $400 million bank — a portmanteau combining “Entrepreneur” and “Bank,” highlights its focus on serving entrepreneurs and the broader small business community. Organizers established the de novo in 2022 to fill the perceived gap in small business banking due to the acquisition of smaller banks by larger institutions, said CEO and Co-Founder Tim Viere.“We have a founder’s group that is entrepreneurial,” he said. “We have a board of directors that is entrepreneurial. We have a shareholder base that’s entrepreneurial, and we have an employee base that is entrepreneurial.”Viere advised other banks considering a new name to brainstorm the mission of the bank and think about whether the potential name matches the objective. Another important step is ensuring the consultant the bank works with matches the personality of the financial institution, he added. The EntreBank name, which is also an ode to the bank’s holding company, Entrepreneurs Bancshares, Inc., was finalized after organizers spent a month considering other names. Organizers worked with an experienced trademark attorney during the naming process. The lawyer, who had already handled thousands of similar cases in his career, explained the ‘why’ behind whether a proposed name is a good fit. “When you come up with a name and everybody takes a step back, you know you have something,” Viere added. “That was part of the creative process. Having two strategic partners help you along the way is important as well.” Though EntreBank didn’t advertise much initially, Viere and his fellow co-founders — Dan Boeckermann, Todd Hovland, Melissa Johnston and Erik Knutson — each had strong networks of existing customers. The bank’s name is visible on the top of the building facing Interstate 494, bringing name recognition near one of the busiest stretches of road in Minnesota. “That initially made us look bigger than we were,” Viere said. Other banks are rebranding to differentiate themselves from their competitors. One example is Wapello, Iowa-based BANK, which rebranded from Iowa State Bank a decade ago after expanding into the Des Moines metro. The bank’s four branches in southeast Iowa retained the tagline “Iowa State Bank, an Office of BANK,” said CEO Chris Grimm. Although Grimm said BANK’s financial results are not significantly different than when it operated under a different name, the unique, all-caps name has met organizers’ goals to bring attention to the $164 million bank. Grimm said the uniqueness of the name became especially apparent a half-dozen years ago once BANK secured the URL “bank.bank.” Grimm compared changing a bank name to a picture on a wall: At first everyone notices, but the attention eventually dissipates. “There are days I think it is brilliant and there are days I think it is the dumbest decision I ever made,” Grimm said of the name change.BANK’s approach to the name-changing process echoes the advice of Erinn Steffen, executive vice president of operations at Buffalo, N.Y.-based branding agency Eric Mower + Associates. She said banks must answer the “why” and “how” of the name-changing process while measuring the success of the change. As banks’ largest brand advocates, internal stakeholders should be involved in the renaming process, Steffen added. Banks also should consider their brand equity with customers and prospects.“Most banks are not going to take this on in a flippant way,” she said. “It is a major change. But I think sometimes you have not necessarily thought about all of the reasons, and if you do not know why you are doing it, you cannot find the solution for it, aside from getting out of one hot spot, potentially into another. “If you treat renaming like a cosmetic fix, you are going to end up with a shallow solution,” Steffen added. “But if you treat it like more of a strategic investment, you have got the ability to build equity into the future in perpetuity." Taking flight with a nameTake Alerus. The name of the Grand Forks, N.D.-based bank derives from the root word “aleria,” a Latin term meaning to “give wings” or “take flight.” Finalized in 2000, the name change from First National Bank North Dakota signified Alerus’s expansion beyond the state and differentiation from its peers. More than 125 businesses in the Red River Valley were already using the “First” name. The change followed the devastating 1997 flood and fire in Grand Forks, which caused $20 million in damage to the bank. Two of Alerus’s downtown buildings were destroyed.The name change had been in the works for five years, but the bank stepped up its pace around the turn of the century by hiring a Twin Cities-based consultant. The bank had chosen a separate new name in January 1999, but realized the name could not be trademarked by the end of that year.The rollout process ensured the change would be well-received. The new name was released five months in advance, giving customers time to adjust. Alerus expanded the reach of its name by purchasing naming rights for the Grand Forks, N.D., convention center, sports field and entertainment venue, agreeing at the time to pay $3 million for the next 20 years. Alerus Chief Experience Officer Missy Keney advised other banks considering a name change to inventory where their signs and logos are visible and understand the value of their name and logo to their customers.“Picking a name that begins at the beginning of the alphabet — you think of any sponsorship or listing, it is always in alphabetical order — always puts our name first on the recognition list,” Keney added. Another Midwest community bank that has rebranded in recent years is Flatwater Bank in Gothenburg, Neb. The $321 million bank changed its name from Gothenburg State Bank after acquiring a bank in Broken Bow, Neb. Gothenburg and Broken Bow are approximately an hour apart, and their schools are sports rivals. Keeping the old name placed the bank at risk of alienating customers in its new community. The “Flatwater” name is also important in the state of Nebraska. The term, which derives from the Native American word “Nebraska” is an ode to the state’s heritage, said President Luke Rickertsen. The Flatwater name was chosen from three options, with the other two referring to the bank’s status as a fourth-generation, family-owned bank. Flatwater Bank initially hired an out-of-state company to oversee the name change but later switched to a Lincoln-based company. Rickertsen said the local marketing team connected the bank with the concept of flatwater being calm. “Even in turmoil, even when it gets stressful in your life, we are always going to be consistent and calm, and we are going to help you get through it,” he added. Although some older customers did not initially appreciate the name change, Rickertsen said their views softened as they realized no other parts of the bank changed. “We are still in the community,” Rickertsen said. “We are still doing things to enhance lives. And it did not take long and it was not a big deal, but we did have some people right away who were a little vocal about their frustration.” Acquisition spurred name changeFour-and-a-half hours southwest of Gothenburg in Syracuse, Kan., Dream First Bank undertook its own name change process in 2022. The bank rebranded itself from First National Bank of Syracuse to signify its mission of helping customers fulfill their dreams while differentiating itself from other banks already sharing the “First National Bank” name.“We decided we needed to change it to not just where we are from, but also to more of what we are about,” said CEO Chris Floyd. The name-changing process, which began in 2017-18, included 18 months of work surrounding trademarks, copyrights and the bank’s logo. Bank attorneys sometimes told leadership that a potential name would work, before leaders of another bank would claim it was too close to their title. A senior lender eventually suggested “Dream First,” which was decided on as the most accurate representation of the $920 million bank. Dream First had been the bank’s tagline since 2002. The process also included planning how to communicate the name change and why the new name mattered to customers. Dream First Bank offered social media updates, announcing the renaming during a seminar for employees and top customers. Floyd said he did not have numbers to quantify how much the Dream First name has enabled the bank to grow, but feels it spurred recognition when the bank acquired Heartland Tri-State Bank in 2023. Floyd advised banks not to solely prioritize hiring a consultant who fits into their budget but instead use the right fit to get their message to the community. “You have got to be upfront,” Floyd said. “Over-communicate with your customers what is going on, why you are doing it, how it affects them, if at all, and the differences.”Another bank that has experienced complications when renaming is CUSB Bank in Cresco, Iowa. The bank, established in 1888 as Cresco Union Savings Bank by Scottish immigrant Robert Thomson, later changed its name to C US Bank before switching to its current name nearly 20 years ago, after U.S. Bank claimed the updated name was too close to its title. President Scott Thomson is the fourth generation of his family to work for the $775 million bank. Thomson advised other banks considering a name change to register for the new title only after consulting a licensed attorney. Although expensive, Thomson said it is more important for banks to avoid litigation. Rebrandings are often done to unify multiple banks under a single charter, said Sarah Merrell, vice president at Knoxville, Tenn.-based Fletcher Marketing PR. She cited the 2015 unification of Buffalo Prairie State Bank, Central State Bank, Freedom Security Bank and West Chester Savings Bank under the CBI Bank & Trust name. Others are done to modernize, including the renaming of Amalgamated Bank of Chicago to ABOC to appeal to a broader audience and First Missouri Bank to Verimore Bank. At the time of the name change in 2022, Verimore Bank CEO Kristie Stuewe said it was intended to deemphasize the location of the north-central Missouri bank to highlight business and consumer products. The name Verimore translates to “truth and trust plus more,” representing the services and products the bank has offered since it opened more than 90 years ago, the company said. The name change also reflected the bank’s increasing focus on serving customers both inside and outside of Missouri. Several Verimore Bank branches are within 30 miles of neighboring states.“Our rebranding to Verimore Bank is the result of time spent asking bank customers, employees and community leaders about what we do well, where we can improve, and what sets us apart,” Stuewe said. A new name should resonate with customers and avoid corporate jargon and traditional structure, Merrell said. Banks should think of a new name from the customer’s perspective. Additionally, “a lot of banks are starting to realize that they need names that are more strategic,” she said. Although banks should not make a branding change without a specified reason, they should not hold on to their existing name for tradition’s sake, Merrell said. She advised banks either changing their names or rebranding not to use industry terminology without defining what that means for customers.Keney said banks need to make sure customers “feel part of the process and understand the process. Your employees understand the process so that they can explain it to clients, focusing on that change management process to get both internal stakeholders and external stakeholders on board.”Merrell said brand changes should not be done in a vacuum, and banks need to understand the needs and desires of their audience.