The name Domestic Bank will disappear some time this month 43 years after the Baker family founded the Cranston bank. Instead the nine-branch $265 million bank will be known as Admirals Bank. The name change was the decision of the institution’s new owners, Federal One Holdings LLC. Dimitri J. Nionakis, the bank’s executive vice president and general counsel, answered five questions about the change.
PBN: Why the name change in the first place? I know Domestic took a bit of a hit a few years back during the subprime meltdown. Is the bank looking to shed whatever remaining effect that had on the institution’s reputation?
NIONAKIS: When private investors purchased the bank in May of this year, the new leadership team believed that it was important to create a “fresh start” to effectively position the bank for growth and success in the coming years. That strategy includes improving the bank’s products and services to better meet our community’s needs. Renaming the bank is simply another important step toward creating the right framework to accomplish our objectives.
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PBN: What are the challenges of changing the name of the bank and rebranding? New signs? New letterhead? Customer retention, etc.?
NIONAKIS: Rebranding the bank has been an exciting – but sometimes challenging – undertaking. We’ve had to thoroughly review all areas of our operation and to revise any documentation that includes the bank’s name. We needed to change everything from account brochures to business cards and loan applications. And you’ll see the new signage in all our branches over the next week and a half. We’ve also made interim changes to our website while we begin developing an entirely new, innovative site, scheduled to launch after the New Year.
PBN: What are the costs of doing something like this? And how do you calculate whether it’s worth it?
NIONAKIS: Beyond the financial cost, it requires our team’s focus and dedication. Many people have spent much time on this initiative in addition to fulfilling their daily responsibilities. They’ve done a tremendous job. And their efforts will be well worth this investment because reintroducing ourselves in the community and setting the stage for new products, top-notch services and retail locations is critical to the success of our growth strategy.
PBN: What effects will there be on customers of Admirals?
NIONAKIS: The rebranding will not impact day-to-day banking activities for our customers. Account numbers will remain the same and customers can continue to use the same checks, ATM cards and debit cards to access their money.
On Dec. 1, the bank is introducing a series of new deposit accounts for our personal and business banking customers. The accounts are designed to be simple and affordable for a wide range of financial needs. We performed an extensive analysis to determine which accounts would be best suited for our current customers and sent letters to each of them with detailed information about all the new account options. Of course, all our customers are welcome to select a different account type at any time.
We have also made improvements to our loan payment processing system, which will mean a new payment address for our borrowers.
PBN: Why the name Admirals? Was there a focus group convened or something?
NIONAKIS: We chose the name Admirals Bank for two reasons. It reflects the strong coastal and nautical influences on the states in which we are located and it also captures our strength, leadership and commitment to charting a course of financial success for our customers.
