Savings Bank Opens Account At Hub Shop

BOSTON-Greenberg Seronick O’Leary & Partners has picked up ad duties for Cambridge Savings Bank.
The Boston agency prevailed over several undisclosed shops in the area following a review that lasted about two months. The Cambridge, Mass.-based bank, which has 11 branches and more than $1 billion in assets under management, had previously handled its advertising in-house.
A specific marketing strategy is still being formulated, but annual ad spending is likely to be about $800,000, said Alison Charello, vice president of marketing at Cambridge Savings.
The client’s advertising efforts will consist primarily of radio spots, an area in which Greenberg Seronick has been especially adept in recent years, Charello said. Executions will likely break in May on stations in the Boston market. Public relations and design work are also included in the assignment, she said.
It has not been decided whether the tagline, “A good, solid bank since 1834,” will be kept, Charello said.
Greenberg Seronick has created multimedia campaigns for USTrust, which about two years ago moved its business to crosstown shop Holland Mark Martin Edmund.
However, Charello said Greenberg Seronick’s previous banking experience was not necessarily a major factor in Cambridge Savings’ selection process. The client was impressed by the agency’s work for LoJack auto recovery systems, Etonic golf equipment and the Massachusetts Port Authority, Charello said.
Small banks such as Cambridge Savings and Liberty Bank in Middletown, Conn., which has been holding an agency review, face a two-front battle. They must compete against megabanks such as BankBoston and Fleet, which have large ad budgets, and fend off even smaller community banks, which are always scrambling to poach customers, Charello said.
To compete against both levels of competition, Cambridge Savings is looking for its new agency to fashion “an unforgettable message” in upcoming campaigns, Charello said.