Magazine article American Banker

N.Y. Community Claims $112M Haul from Ads

Magazine article American Banker

N.Y. Community Claims $112M Haul from Ads

Article excerpt

New York Community Bancorp Inc. of Westbury chose the holiday period to roll out its first advertising campaign since acquiring Roslyn Bancorp Inc. in the fall, and the results stunned executives.

The thrift company's ads pushed its own name as well as those of its seven banking divisions, including Roslyn. They featured newly designed certificates of deposit and money market products and offered Best Buy gift cards.

Customers jumped at the promotion, defying the conventional wisdom that money is spent at Christmas, not deposited in a bank. More than $7 million rolled in during the first 24 hours of the campaign, which began in newspaper ads Dec. 11. New York Community said half of the $65 million of deposits it collected in the first week was from new customers.

By the time branches closed last Saturday, deposits had grown by $112 million, an average of $10 million a day. And that may just be the beginning. Daniel L. Murphy, the company's head of retail banking, said such ad campaigns are generally most successful several weeks after they begin running.

The initiative comes at a critical time for New York Community, which bought Roslyn in October for $1.6 billion.

The holding company will rename branches to reflect the strongest brand in each market. It plans to convert names and systems on the weekend of Jan. 19, Mr. Murphy said in an interview last week.

This is the first time New York Community has presented itself as a multibrand company, including Queens County Savings Bank, Roslyn of Brooklyn, and Richmond County Savings Bank on Staten Island. It also resurrected the Roosevelt Savings Bank brand for parts of its Brooklyn operations. (Roosevelt's name had disappeared when Rosyln bought it in 1999.)

Observers said it is virtually impossible to compare the results of this campaign with other efforts. …

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


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.