Academic journal article ABA Banking Journal

First Pryority Bank, Pryor, Okla.: Pryor President Produces Punning Plan

Academic journal article ABA Banking Journal

First Pryority Bank, Pryor, Okla.: Pryor President Produces Punning Plan

Article excerpt

For nearly 100 years, Mike Jacobs' bank had identified itself with its home community. But two years ago First National Bank of Pryor Creek, in the town of Pryor, in northeastern Oklahoma, decided it was time to expand into Tulsa. In recent years Tulsa has been a hotbed of banking growth.

On the other hand, it's not as if the $128 million-assets bank didn't already know something about competition. Jacobs notes that five financial institutions serve the town of Pryor--three of them based there--and that there isn't enough volume to go around. So survival hinges on looking beyond the usual

One thing about branching into Tulsa, though. There are bank names that travel well and there are those that don't, and Jacobs, president and chief executive officer, says it was obvious from the get-go that "First National Bank of Pryor Creek" wouldn't be a name that would sell well in a bustling city 30 miles away.

He and his wife, Mary, put their heads together, Jacobs says, and realized that since service is a big part of what would distinguish the bank from its entrenched new competitors, that the old name could still have a role. So the bank adopted a new slogan, "Where you are our first priority!" and then, in a punning move, changed its name to First Pryority Bank.

Keeping the "First" in its name helped, says Jacobs, because that's how residents of its home turf, Mayes County, always referred to it. Yet the new name could be a boost in the new market.

The bank's Tulsa operation continues to improve today, though Jacobs says breakeven is still some time away. The Iraq War and the economic slowdown have both hit the Tulsa market hard, and he hadn't been able to foresee any of that. …

Search by... Author
Show... All Results Primary Sources Peer-reviewed

Oops!

An unknown error has occurred. Please click the button below to reload the page. If the problem persists, please try again in a little while.