Pine Bluff National Bank became Relyance Bank ON Friday but the only thing that has changed is the name.
Relyance Bank President and CEO Chuck Morgan emphasized this point during a Friday conversation.
“Everything else will remain exactly the same,” Morgan said. “It’s the same ownership, the same people and the same commitment to our customers. Pine Bluff National Bank has been a great name for 48 years and we’ve done well with it. But at present our customer base greatly exceeds our branch network. We have customers in 28 different counties in Arkansas. We plan to grow and the new brand will allow us to expand.”
Morgan said the bank will be running advertisements to tell people about the name change.
Relyance Bank has eight locations in two counties including its main office and four branches in Pine Bluff, and one branch each in White Hall, Redfield and Star City.
“We’ve always known that we would eventually outgrow our name,” Morgan said. “But it is such an expensive process that we kept putting it off. But we decided last year that it was time to make the change. We used a consultant with experience in rebranding to guide us through the six-month process. The planning for the change began with five or six of our staff and eventually grew to almost 20.”
Morgan said that the total cost to the company of changing names is in the neighborhood of $400,000.
Morgan said the bank hosted a party for its 121 full-time and seven part-time employees Thursday evening at the Pine Bluff Country Club.
“We created a party atmosphere for the unveiling of our new name,” Morgan said. “We fed them and gave away a cruise. The news was received better than I had ever expected it could be. We presented all of them with their new business cards. We unveiled a small demonstration sign with the new name and logo.”
Morgan said the bank also hosted a shareholder meeting the same evening.
“We gave away Relyance bags with T-shirts, frequently asked questions sheets, pens and notepads,” Morgan said. “The employees were given their new polo shirts with the Relyance logo.
“We already have a three-month supply of letterhead and business cards that were prepared in anticipation of the transition,” Morgan said.
What’s in a name?
While at first glance the bank’s new name may suggest a misspelling Morgan is quick to state that the name is a perfect fit for the financial institution.
“The name ties in with our tag line,” Morgan said. “You can rely on us for your financial needs. It’s catchy.”
“Now that it’s our name it’s not misspelled anymore; it’s spelled right,” Morgan said.
“People you can rely on,” Morgan said in a press release issued Thursday night. “That is one thing that will never change. We will continue to be an organization you can rely on to meet your financial needs. We will continue to be an organization that you can rely on for community service. And, we are an organization that you can rely on to stay ahead of the changing times, providing financial stability into the future for you and your family and our communities.
“Throughout the years we have always stayed true to our roots in Jefferson County,” Morgan said in the press release. “Our new logo with the oak leaf icon is a symbolic reminder to us of our roots here in Jefferson County, and represents our commitment to financial stability and growth in the future.”