Provident Financial Services (PFS) of New Jersey is beefing up its marketing efforts with a new slogan as it tries to stand out in the rough-and-tumble New York banking market.
The bank's website, Facebook and Twitter pages will all be updated with the new tagline, "Commitment You Can Count On," as well as new graphics. Provident management decided to update its marketing in part because of the intense competition for banking business in the greater New York City market, Martin says.
"Even though we are a New Jersey-based company and not in New York, the influence of the New York market comes into play," he says.
The marketing campaign will not include a new logo, at least in the beginning, says Chris Martin, the company's chairman, president and chief executive. The Jersey City thrift holding company will consider developing a new logo, he says.
"When you have 77 branches, there is a high cost there" of replacing signage to reflect a new logo, Martin says. "But it's something we'll be looking at."
The cost of creating a new logo, replacing signs and printing new business forms typically costs at least $1 million, industry consultants say.
Provident is also being cautious about replacing its logo because "when you've been around for 173 years, you don't want to do anything that upsets the apple cart," Martin says.
Provident, with $7.1 billion of assets, has expanded outside traditional banking over the past couple of years, acquiring a trust department and asset management business from Beacon Financial in August 2011. Provident's noninterest income for the second quarter rose 16.2%, from a year earlier, primarily because of higher wealth management fees from the acquired Beacon businesses.