CNB Bancshares plans to leave markets where it is not making money, its CEO says.
It will also change the name of its lead bank, Citizens National Bank, to something more distinctive, said the executive, James J. Giancola.
Mr. Giancola said that after completing seven acquisitions in two years, the Evansville, Ind., company is re-examining its business plan. Those deals helped it double assets, to $7.1 billion, and moved it into new markets in other parts of Indiana and in Michigan and Illinois.
Mr. Giancola said CNB is reviewing its branch network and will likely leave markets where it does too little business to be profitable. Conversely, he added, CNB will consider buying additional branches or banks where it wants to grow.
Aggressive growth is also behind plans to change the lead bank's name this month. When Citizens National moves into a market, it often faces competition from one of the nation's many other banks with "Citizens" in their name, Mr. Giancola said. (There are 393 such banks, according to the Federal Deposit Insurance Corp.)
"Half of those folks are suing us" for trademark infringement, Mr. Giancola joked.
He would not reveal the new name but said picking it was difficult. "What you like as a banker are the traditional ones," he said. "But you have to come up with a unique name that you can market across all businesses," from traditional banking to trust and investment services.
The name will be announced April 21, at the company's annual meeting.
