By David Krechevsky
For credit unions and banks in the post-pandemic world, the name of the game is differentiation.
Financial institutions that want to grow believe the key is to stand out from the competition. That could mean rebranding, or merging with a competitor.
Just in the past year:
- Savings Bank of Danbury rebranded to Ives Bank, honoring the family that founded it in 1849, with bank officials saying the change positions it for future growth in a potentially larger geographic footprint.
- Guilford Savings Bank (GSB) is merging with Norwich-based Eastern Connecticut Savings Bank. Once the deal is complete, the combined organization will rebrand as Ascend Bank to “broaden its reach, attract new clients, and remain strong in an increasingly competitive environment.”
And then there’s Middletown-based Seasons Federal Credit Union, which recently rebranded to Ellafi and announced a shift in focus to women customers.
“One of the things that I personally wanted to do is to reinvent our credit union for the next generation,” said Ellafi CEO Keith Wiemert.
He said he wasn’t sure how to do that, but two of the credit union’s senior vice presidents came up with the idea.