Private Bank of the Peninsula in Palo Alto, Calif., said Friday it has changed its name to Avidbank.
Kenneth Brenner, the $316 million-asset bank's president and CEO, said in an interview that, while Private Bank of the Peninsula was started seven years ago with a private banking model in mind, it never materialized.
"We don't have one private wealth product," he said. "The plan was to cater to that sector, but we really turned out to do the same business loans as most community banks."
Brenner said the bank wants to distinguish itself. Data from the Federal Deposit Insurance Corp. shows that 17 banks have the word "private" in their titles. No other bank has the term "avid" in its name.
"We like the image of being avid about our customers," he said. The company hired branding firm Cronan to come up with a new name.