‘Penny Bank’ modernizes its corporate image

In a world where the financial sector is becoming ever more sophisticated, the St Vincent Cooperative Bank (SVGCB), commonly known as ‘Penny Bank’, has rebranded itself.

The process marks the culmination of a process which included months of consulting and strategizing.{{more}}

“This rebranding strategy has been the result of a long thought-out process and was instituted in order to re-establish ourselves in the marketplace,” Laverne Velox, Branch Manager told members of the media.

“As our financial sector and its customers are becoming more sophisticated and aware of brand image, we recognize that we, too, must ensure that what the Bank stands for is aptly articulated in its brand and marketing communications,” Velox continued.

The Bank’s new look includes the corporate colours of blue and copper, with the representation of the penny being maintained.

It was anticipated that this new look would play a significant role in the growth of the company and that it will provide the right environment for all stakeholders.

The SVGCB was started in 1945, a time when loans were made available to only a privileged few. It was established to offer such services to the disadvantaged.

The company has rebranded itself, but the qualities on which it has been founded remain the same.

“We maintained this symbol of the penny because we wanted to stay true to the nickname,” Douglas Williams, Chairman of the Board, said, noting that the Bank was initiated on the qualities of trust and loyalty.

“The Penny Bank with which our customers are familiar and which represents our ethos of being a bank of the people,” he continued. “The slogan informs that we are still the penny bank, yet so much more.”

A revamped marketing strategy is also in the works as part of the bank’s new image and there are also plans to expand the portfolio of services to match.

Velox declined to go in much detail about what plans are in store, but noted that starting early in the New Year, customers will be introduced to the Bank’s new ATM service.

Devin Griffith of G and A Communications Inc, the company charged with the project, commended the Bank for taking the initiative, noting that it was quite important to the company. (DD)