The new slogan for South Carolina's Coastal Federal Bank, "The Carolinas' Most Convenient Bank," has a familiar ring to it.
Commerce Bancorp of Cherry Hill, N.J., and BankAtlantic Bancorp Inc. of Fort Lauderdale, Fla., have both had huge deposit gains since making similar boasts. And though it is unclear whether their success influenced Coastal (officials with the Myrtle Beach bank did not return phone calls), a Web search found that last year Coastal executives attended a best-practices conference in Florida where Commerce chairman and chief executive Vernon Hill was a keynote speaker.
Coastal CEO Michael G. Gerald said in a Feb. 25 press release that the slogan and campaign to promote it demonstrate the $1.4 billion-asset bank's "unrelenting commitment to embracing change and constant improvement in exceeding the expectations of our customers."
The $30 billion-asset Commerce started calling itself "America's Most Convenient Bank" more than a decade ago. Since then its assets are up more than 1,700% and its branch network has grown tenfold, to about 300.
The $5.6 billion-asset BankAtlantic has added roughly 400,000 new checking accounts since it began marketing itself as "Florida's Most Convenient Bank" in early 2002.
In October 2002 Commerce sued BankAtlantic over its right to use the slogan; the case was dismissed in early 2004.
Commerce spokesman David Flaherty said his company has no problem with Coastal's new tag line. "I think the bank sees this as a great positioning in their local community," he said. "And don't they say imitation is the highest form of flattery?"
Commerce and BankAtlantic branches are open seven days a week, and many are open until 8 p.m. BankAtlantic even keeps a handful of branches open until midnight.
Coastal Federal's "most convenient" claim is a bit more modest. Its 17 branches are open from 8 a.m. to 6 p.m. Monday through Thursday and until 7 p.m. Fridays. Branches close at 1 p.m. Saturdays.
