Security Federal Savings Bank is embarking on a massive rebranding project that bank administration hopes to complete within a year.
Calling it “the largest project in the history of the bank,” bank CEO Annette Russell announced in a press release that the bank would be undergoing indoor and outdoor renovations at all its branches and rebranding on its website and brochures, as well as rollout of some new banking products.
“It is important for me to say that Security Federal Savings Bank has not been sold,” Russell said in the release. “On the contrary, we are simply repositioning ourselves to help our customers achieve the financial security they deserve and have come to expect.”
Phase one of the three-phase project will be renovations to the interior of the bank’s hub at the corner of Broadway and Fourth Street in downtown Logansport. That work is expected to start in the next 10 days, according to the release.
Phase two, slated to begin in March, will cover exterior remodels there as well as interior remodels at the bank’s other Logansport location and its Delphi, Kokomo and Lafayette branches; and phase three will comprise exterior remodels at the branches, according to Lynne Ness, Business Development Director at Security Federal.
The first phase may take anywhere from four to six months, Ness said. Phase two may take two to three months. All three phases should be completed by September or October of 2014, Ness said.
“It is very ambitions,” she admitted, “but it’s been in the planning stages for nearly 2 years ... We wanted to make sure we had every I dotted and T crossed.”
Downtown, “everything” is going to change, Ness said.
“It is a top-to-bottom rebrand. “We will be putting new flooring, new walls, redesigning the lobby interior, making the teller line more customer-friendly .... This whole rebranding is being done for the customers.”
Once the inside of the downtown location is finished, bank administrators will turn their sights to the interior remodels at the four branches, which won’t be as extensive, Ness said. At that point, work will also begin on the downtown location’s exterior.
“This exterior remodel is very deliberate and cognizant of Security Federal being in the center of the Logan’s Landing art district,” Russell stated in the release. “We believe in Logansport and we are committed to preserving this building.”
The bank’s new logo — sporting a stylized S in blue and green — is planned as an adornment on the upper half of the building’s exterior corner.
The bank anticipates contracting with local companies for the remodels in each town, said Ness. They’ve already reached agreements with Shepler Construction and Dwell Home, a Logansport interior decorating firm, for the first phase.
Ness hesitated to name a ballpark cost estimate for any of the phases, noting that the bank hadn’t finished cost estimates on any work beyond phase one.
Security Federal intends to roll out several additional products “that are seen in larger banks,” Ness said, including instant-issue debit cards, which will mean new machines installed at each branch to program the debit cards.
She suspects customers “will be quite pleasantly surprised.”
Sarah Einselen is news editor at the Pharos-Tribune. She can be reached at email@example.com or 574-732-5151. Twitter: @PharosSME