Great Western Bank
Bank Acquisition
Situation:
Since 2005, Great Western Bank has pursued an agressive growth strategy through charter mergers and acquisitions. The bank has grown from 50 branches to 135 locations in seven states: Arizona, Colorado, Iowa, Kansas, Missouri, Nebraska and South Dakota.
Lawrence & Schiller was asked to help grow the Great Western Bank brand from a South Dakota chartered bank to one of the largest rural banks in the country. Unique client needs included satisfying compliance and regulatory demands of the financial industry during a time of serious change and oversight and absolute confidentiality and vendor arrangements guaranteeing the same.
Solution:
To assist Great Western Bank in rolling out the brand while retaining customers in its new markets, L&S provided the following services:
- Market research
- Branding with the goal of retention, aimed at future growth in that market
- Internal branding campaign - unifying diverse regions under the organization’s culture
- Executive coaching/speech writing & videography
- Branch/location scouting
- Employee and customer welcome packs and all customer communications relating to account changes, relationship changes, service disruptions and conversion instructions
- Integration activities, including training materials, internal branding events and facilities branding
- Public Relations
Results:
Customer retention through the transition was markedly higher than expected, and an acquisition strategy and playbook was developed that continues to guide aggressive future growth.
