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Come Monday, Seafirst name is history
Bank of America logo to replace an old, familiar one
Friday, September 24, 1999
By BILL VIRGIN
As of Monday, no more Seafirst Bank. No more Columbia Seafirst Center.
The branches and automated teller machines around the state will still be there, and the landmark black-glass 76-story tower will still be standing.
But the name and logo on those properties is disappearing this weekend, to be replaced by the name and logo of corporate parent Bank of America Corp.
Bank of America will be unveiling 1,123 signs (costing about $4 million) at 235 branches and 870 ATMs in Washington. The name of the Columbia Seafirst Center changes to Bank of America Tower as of Monday.
Erasing what may be the best-known banking brand name in the state might seem to be a lot of marketplace advantage for a company to give up. But Seafirst/Bank of America executives say there's a lot more to be gained by making the switch. And those who follow the banking industry say the name change is less important to customers than more practical concerns, like making sure their accounts aren't fouled up.
"The name change will have a modest negative effect in the short run and a very positive effect in the long run," said Tejera said.
In a few cases of brand name switches, loyalists to the old name make the transition a difficult one, said Carl Obermiller, marketing professor at Seattle University. "Typically there's some grumbling," but far more important is what customers perceive is happening in prices and service. "If there's a difference in service quality, then people have a reason to switch" to a competitor, he said.
The Seafirst name change, which has been expected for months, isn't causing much of a stir for several reasons. For one, bank name changes are by now an old story in Washington. Customers of some banks have been through three or four of them.
Out-of-state ownership of a local bank is also old news. In fact, Seafirst is one of the oldest variations on that theme; in 1983, Bank
America Corp. bought the ailing Seafirst (ironically, a few years later, Seafirst was the stellar performer while Bank of America, saddled with Third World debt, struggled).
In addition, the Seafirst name, recognizable as it is, isn't particularly old; the bank began using that name in the mid-1970s.
And Seafirst is sparing itself and its customers a lot of the headaches that often accompany such transitions. There's no wave of branch closings, employee layoffs or management departures. Best of all, the bank isn't changing any account numbers, a source of major problems for customers in some other bank mergers.
What Bank of America gets from this change is a uniform name across its 21-state operating territory. Seafirst isn't the only operation changing its look; with the 1998 merger of BankAmerica and NationsBank, the former Nations branches are getting new names, and the existing Bank of America branches are getting a new look.
With a common name, Bank of America can get the most out of its marketing and technology. "The Bank of America name is a very strong one in the industry," Tejera said.
"People move around with incredible rapidity," added John Rindlaub, president of Northwest banking for Bank of America. With the same name and look in 21 states, including the country's largest and fastest-growing (Washington, Oregon, California, Arizona, Nevada, Texas, Florida, Georgia and North Carolina) Bank of America can keep customers who move within its territory.
"It's the right time to go to the new brand," Rindlaub said.
Here's a quick history of the Seafirst name:
1870 -- Phillips, Horton and Co. formed.
1872 -- Name changed to Dexter Horton and Co.
1910 -- Name changed to Dexter Horton National Bank.
1929 -- First Seattle Dexter Horton National Bank formed through merger with First National Bank Group and Seattle National Bank.
1931 -- Name changed to First National Bank of Seattle.
1935 -- Name changed to Seattle-First National Bank.
1970s -- Seattle-First National Bank uses the marketing name Firstbank on signs, advertising and products such as the Firstbank card.
1974 -- Seafirst Corp. established as a one-bank holding company; Seafirst name first used.
1983 -- Seafirst Corp. bought by BankAmerica Corp.
1999 -- Seafirst Bank changes name to Bank of America
P-I reporter Bill Virgin can be reached at 206-448-8319 or billvirgin@seattle-pi.com
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