Agency Returns to Banking With Regional B-to-B Assignment
BOSTON–Gearon Hoffman president Bob Hoffman dismissed revenge as a motive, but he couldn’t suppress a chuckle at the thought of taking on former client Sovereign Bank now that his agency has been retained by Capital Crossing Bank.
“We’re going to give the big banks a run for their money on the business-to-business side,” Hoffman said of the agency’s upcoming campaign.
Capital Crossing, Boston, which changed its name last year from Atlantic Bank & Trust, has tapped Gearon Hoffman, Boston, for a brand-building effort set to break in October.
The shop was selected for creative development and media chores following a review of undisclosed contenders. There was no incumbent. The budget was not disclosed but is believed to be in the low-seven-figure range.
With the consolidation in the banking marketplace, not all medium-sized companies feel comfortable with a large bank, and “there’s a chance for some other banks to pick up a lot of business,” said Capital Crossing president Richard Wayne.
In upcoming broadcast and print ads, the client will attempt to recast itself as a partner for businesses needing cash management and related services, Hoffman said.
“They buy and sell mortgages,” Hoffman explained. “But that’s not all they’re about,” and ads from Gearon Hoffman will seek to make that clear to business leaders and entrepreneurs. No effort will be made to take on the region’s largest banks–FleetBoston, Citizens Bank and Sovereign–in the retail sector.
In today’s banking market, where conglomerates reign, battling the big banks on a single front makes the most sense for smaller players looking to expand their niche, Hoffman said.
Sovereign and Gearon Hoffman split this spring after working together for only four months. The Wyomissing, Pa.-based bank moved its $5 million New England account to Arnold Communications, Boston [Adweek, May 1].