Guaranty Federal Is In, Compass Bank Is Out at Dallas Agency
DALLAS–The Richards Group has acquired the ad account of Guaranty Federal Bank, leaving the
$8 million business of former client Compass Bank up for grabs.
Dallas-based Richards won the $10-15 million Guaranty Federal Bank account following a review last week.
The estimated size of the account is a marked changed for the bank that last year spent just slightly over $3 million on advertising, according to Competitive Media Reporting. The change signals Guaranty Federal’s intended launch of an aggressive consumer brand advertising effort this year, superceding previous efforts which consisted of newspaper ads and occasional radio spots.
“[Guaranty] has been doing alright, but they recognized the need to bring a lot more pressure on behalf of their brand,” said agency founder Stan Richards.
David Gravelle, the founding partner of Richards/Gravelle and a longtime banking specialist, will lead the account service team. Gravelle said the agency will help Guaranty Federal with a major brand launch similar to the one that helped build Compass in the early 1990s.
The award of Guaranty meant the resignation of Birmingham, Ala.-based Compass. The client was notified last week of Richards’ plans to engage a new partner.
Mark Gibson, director of marketing for Compass, said, “We have not made any decision to do anything at this point” with respect to holding a review for a new advertising agency.
The bank will have a 90-day transition period with Richards, according to the notification re-quirements in its contract with the agency.
Compass Bank has $18 billion in assets and operates about 300 branches in Alabama, Arizona, Florida, New Mexico and Texas.
Guaranty is a smaller institution with assets of $13 billion and more than 150 banking centers in Texas and California.
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