Question: We are in the very preliminary stages of thinking about changing our bank's name. We were chartered shortly after statehood and have had the same name since we were chartered. The name change is not a particularly popular idea among some of our shareholders, but since our name includes the name of the town where we are located and we now intend to expand to new locations, it's time to do something different. Before we spend the big bucks, are there some preliminary steps we can take on our own?
Answer: Go get a feel for the types of names other institutions are moving to. You can do this by leafing through one of the national bank directories, or by using the FDIC ID service online and performing different data sorts. You will note that the number of "First State Banks" and "First National Banks" is dwindling, and the trend is definitely toward unique, interesting names.
Choosing a new name is a big, expensive decision and should not be undertaken lightly. You can begin to get a feel for what types of names you find appealing, but when it comes time to make a final choice, you should definitely bring in the market research folks.
What is your bank's personality? What are its strengths? Do you have an interesting niche? What type of customer do you hope to attract? These are all questions that will help you understand what you may want your name to convey. The name you choose should "fit" your bank. Analogizing to a personal context may help illustrate this. Imagine the most laid-back, casual woman you know. Now, imagine how odd it would seem if her name was a very formal-sounding name, such as Jacqueline or Alexandra. The name wouldn't fit. It's likely that a very casual woman with a birth name of Jacqueline or Alexandra would probably adopt a nickname like Jackie or Alex, to better reflect her personality.
Don't get all set on a particular name until you've checked out its trademark status. You can do some quick and dirty trademark availability searches using the Patent and Trademark Office's Web site. If your plan is to expand, you're wise to consider a name that is not geographically-specific. Beware of anything that sounds trendy now but could quickly become dated.
If you do end up changing your name and obtaining a trademark, that's when the real work begins. Protecting a trademark against infringement can be as difficult as obtaining one in the first place. Fortunately, there are services out there which, for a fee, will constantly monitor for possible infringements. TrademarkBots is just one example.
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