GlenFed Has ‘Nothing’ to Lose in Campaign

Advertiser: Glendale Federal Bank

Agency: Fattal & Collins, Marina del Rey

Challenge: Attract small to mid-size business clients, some of whom might be nervous about GlenFed’s impending merger with California Federal Bank.

The Ads: An outdoor teaser campaign beginning this week pitches loans at the prime rate to mid-size businesses, the first time GlenFed has made such an offer. “You’re good for nothing,” says one teaser ad. “Nothing matters,” says another. In mid-June, new ads will announce the “prime plus nothing” loan offer, which ends July 31.

Comment: The campaign represents GlenFed’s last hurrah before merging with CalFed, and the stakes are high. GlenFed no doubt wants to make a strong impression on CalFed before being merged into it. A portfolio of new loans could help as GlenFed executives will be handling business lending at the merged thrift. It could also help Fattal & Collins hang on to the business banking portion of the merged institution’s ad account. The “prime plus nothing” campaign--aimed at businesses with annual sales between $150,000 and $10 million--is clever, focused and appears to offer a good deal. The question is whether customers will put aside merger anxieties to grab it. $$ 1/2