Sovereign Bank acquired Martha’s Vineyard Bank, and as a standard industry process, placed the Sovereign brand over the previous bank name in signage, advertising, etc. As a result, Sovereign began losing customers and staff at a rapid rate.
MEC recommended they establish the name “Bank of Martha’s Vineyard” and we quickly purchased the URL: bankofmv.com. MEC further recommended that Sovereign did not use their standard advertising campaigns that targeted a global audience and MEC produced comprehensives for a hyper-local communications campaign completely produced by local talent.
The campaign helped stabilize the bleed-out and the Bank of Martha’s Vineyard regained community connection and respect. In 2010, Sovereign Bank was acquired by Santander. They continued to maintain the name Bank of Martha’s Vineyard, and today remain as one of the leading banks on Martha’s Vineyard.