Merging With Another Bank? Check Your Reputations
In the wake of the pandemic and the challenges that surfaced as a result, 2021 appears to be another year that banks consider merging with another financial institution. When two banks look to combine forces through an acquisition, the pace of negotiations means reputation risks and a well thought out communications strategy often gets overlooked. A significant portion of a deal’s value for the acquiring bank is often eroded by customer attrition due to poor pre- and post-merger communications with acquired customers.
Deciding to consolidate banks is a major decision. Not only should joining banks consider the merit, financials and culture of the banks, reputation risks and communications should be the cornerstone of any M&A strategy.
Who Should Attend: CEO, COO, CFO, Director of HR, Director of Marketing
- Evaluate each banks’ reputations BEFORE a merger
- Consider the strength of both bank’s balance sheets, cultural similarities, and compatible technology and communication channels
- Communications protocols and what to communicate internally to staff and customers
- Timing strategy of the announcement
- Handling media and social media before, during and after the merger
ReputationUs is a reputation management and crisis response firm specializing in supporting the public relations efforts of financial institutions across the United States. Boggs is also a frequent presenter at Western Bankers Association events and is a member of the WBA’s Cyber Incident Response Team to prepare banks before, during and after a cyber-attack. Before forming RepUs, Boggs was president of LT Public Relations, directing the strategic communications efforts for corporations, financial institutions, and health care clients. Prior to LTPR, Boggs served as public relations director at the insurance giant AIG. Boggs also managed accounts for two of the world’s largest public relations firms, Waggener Edstrom and Weber Shandwick. Clients included Microsoft, JP Morgan, Bank of America, Credit Suisse and Allstate.
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Participants will earn 1.0 CPE credit
Field of Study: Specialized Knowledge
Advanced Preparation: None
Program Level: Basic
Delivery Method: Group Internet Based
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