Security National has been one of a number of community banks under Park National, based in Newark, for years. The Clark County bank continued to operate under its original name after joining Park National in 2001.
However, the decision for the Clark County bank to change its name is part of a larger effort by Park National to have all of its community banks be branded under the same name in an effort to avoid customer confusion.
“Now, all 12 brands stand united under one brand. So we can deliver easier access to the full breadth and depth of our resources. But some things never change. You can continue to rely on the same great service from your same local bankers,” said a message posted on Park National’s website.
Security National is the largest bank per market share in the Springfield region, according to Mike McDorman, the president of the Chamber of Greater Springfield. That is based on deposits made. He said those deposits in 2018 represented 30% of the local market share.
Brown said the name change is something that has been in the works for over a year and that decision was driven by customer feedback.
“We listened to our customers who were confused by the model of 12 community banks operating under separate names,” he added. Those banks are located in other parts of Ohio as well as in several other states.
Brown said those concerns have grown over the years as the customer base has become more transient and there is a greater demand for online banking services. He added that another part of the name change process is to better inform customers on how those banks with Park National operates.
Some customers may not have known that Security National was part of Park National or was associated with 11 other banks, he added. By all operating under the same name, the hope is to alleviate that confusion for customers.
That can include customers who may move out of the Springfield area and not be aware that there is another Park National affiliated bank near their new location.
“We continue to operate in the same way. We have been part of this larger group of community banks for years. The changes include (Park National) no longer having to maintain 12 different websites. A lot of hard work went into making sure customers understand the structure,” Brown said.
Brown added that hours at the bank’s branches in the Springfield region will not be altered or affected by the name change. He said that there will also be some technological improvements made at some of its branches.
It has branches in Clark, Champaign, Greene and Warren counties.
Brown did not share the costs of the name change but said it is significant as they want to do it right.
By the numbers:
12: Number of branches Security National bank has in Clark and Champaign counties
12: Number of community banks, including Security National, that are part of Park National, which is based in Newark
30: percent of local market share for Security National based on deposits in 2018
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