When Washington Federal last rebranded, it was to signal its shift from a savings and loan association to a commercial bank. This time around, it's to reflect geographic diversity and its desire to be viewed as a bank.
To combat the notion that regional banks’ tech offerings are inferior, the combined BB&T-SunTrust will have to go “toe-to-toe” with big banks, BB&T chief Kelly King said ahead of shareholder approval of the deal Tuesday.
"Truist" was roundly mocked when it was unveiled as the name of the merging BB&T and SunTrust, but it’s hardly the first bank moniker to elicit a "huh?" from critics.
Judging by day one on social media, you’d think the new Truist brand was a flop. But marketing and branding experts say the name has a lot going for it. What matters most will be how the two banks advocate for the name.
SunTrust CEO Bill Rogers on Thursday explained the direction he and BB&T chief Kelly King are going with the new name, but gave no hints on what it is or when it will be unveiled.
In the months ahead, the Birmingham, Ala., bank will drop Compass from its name across all of its branches and digital properties. It’s part of a broader plan by its Spanish parent Banco Bilbao Vizcaya Argentaria to unify its brand worldwide.
PR campaigns won’t be enough to salvage the bank’s reputation after a series of scandals. Instead, it should look into adopting a new name, among other crucial steps.
