BankAmerica (formerly MeraBank, $5 Billion S&L in Arizona, Texas)

The Challenge
The #1 savings and loan in Arizona wanted to increase CD balance volume with new CD deposits, attract current and new retail customers to open CDs, and create awareness of BankAmerica’s investment products, particularly CDs.

The Strategy/Solution
• Browne+Browne created an in-branch sweepstakes promotion (“Win-A-Rate Olympic Sweepstakes”), that drove BankAmerica Arizona and Texas customers to the branches’ account representative to open CD investments and register to win Grand Prize of 20% interest rates on a CD and a free trip to Winter Olympics in Calgary, Canada.
• The two-month, 74-branch program included in-branch merchandising, lobby posters, new account directional signage, take one-brochures, sweepstakes entry forms and lobby registration station, direct mail, newspaper, TV and branch employee introduction materials

Results/Testimonials
• Gained 6,900 new accounts and exceeded dollar volume by $70 million
• Exceeded new CD deposit goals by 155% and new CD account goals by 125%
• Cross-sold 40% of total dollars gained in CD investments to non-CD customers
• Supported New Account Representatives selling in bank’s 74 branches

“We’re extremely pleased with the results of the Win-A-Rate Sweepstakes. The campaign generated wide consumer awareness for MeraBank and made many of our customers very happy. In addition, the promotion played an integral role in enabling us to accomplish our cross-selling objectives of non-CD customers.”

                                                         MeraBank Vice President, Marketing Services