Capital One | Expanding Retail Banking
When Capital One acquired Hibernia National Bank, it needed to build brand awareness and credibility for its local branches within the competitive Texas and Louisiana markets.
To achieve adoption and community goodwill across these two sister states, Capital One tasked Pierpont with initial market research, grand opening execution, community engagement, and brand awareness.
Building Relationships over Breakfast
As a first step, Pierpont developed and executed market research projects for each of the new branches, which provided intelligence for the team to better understand the local branch community and created a springboard for planning the opening events. The team also identified local community groups and civic influencers to participate in the branch openings and provided an in-depth competitive analysis of each market.
Pierpont planned and executed more than 115 “Grand Opening Community Pancake Breakfasts” that built both a consumer and business clientele ultimately making and serving enough pancakes to feed a small army, Local residents enjoyed family-friendly activities and entertainment while they opened new bank accounts, a common goal for the openings.
Pierpont planned the agenda and timeline for the events, coordinated the catering service and tent rentals, and selected entertainment, which included local groups, magicians, face painters, carnival games, and much more. Pierpont also coordinated photography, EMS services, and a child ID service that offered free child ID cards to all children in attendance.
Extending Support to the Community
In addition, Pierpont identified and secured five local charities in each grand opening area to participate in pancake-stacking competitions, during which the charities could win up to $1,000, raising Capital One’s awareness in the local community.
Every branch opening garnered an overwhelming number of attendees, averaging between 1,300 and 2,000 guests. In addition, the events involved local charities and businesses and helped build community goodwill. Each event resulted in at least 60-75 new bank accounts, totaling deposits of more than $25 million.