BankBoston introduces new program to jointly market Bank of Boston and BayBank products; Banks to eliminate 'crossover' foreign ATM network fees.BOSTON--(BUSINESS WIRE)--July 30, 1996--The new BankBoston has begun to flex its marketing muscle. The corporation and its subsidiary banks today introduced a multi-stage program to offer new benefits and product features via a unique and aggressive marketing campaign that often will promote similar products and services from each bank in the same ad, until all of the banks are merged beginning next spring. The first benefit is the elimination of "crossover" foreign ATM network fees. The new campaign began today with print ads in Massachusetts, Connecticut, Rhode Island Rhode Island, island, United States Rhode Island, island, 15 mi (24 km) long and 5 mi (8 km) wide, S R.I., at the entrance to Narragansett Bay. It is the largest island in the state, with steep cliffs and excellent beaches. and New Hampshire New Hampshire, one of the New England states of the NE United States. It is bordered by Massachusetts (S), Vermont, with the Connecticut R. forming the boundary (W), the Canadian province of Quebec (NW), and Maine and a short strip of the Atlantic Ocean (E). and the headline, "Let The Benefits Begin." Later it will include more print advertising, radio spots, billboards, direct mail, and in-branch merchandising. It emphasizes the banks' ability, even with separate names, to provide more value, more choices and more convenience than ever before. Yesterday, Bank of Boston Corp. and BayBanks Inc. announced the closing of their legal merger. Though Bank of Boston Corp. will maintain its current legal name until its shareholder meeting next April, the corporation is using its new global brand identity, BankBoston, immediately and whenever possible, for marketing and branding purposes. The banks under the holding company, First National Bank of Boston, Rhode Island Hospital Rhode Island Hospital is a private, not-for-profit hospital located in Providence, Rhode Island. The hospital has 719 beds, and an acute care hospital and an academic medical center. Rhode Island Hospital was founded during the American Civil War in 1863. Trust, Bank of Boston Connecticut, BayBank, N.A., BayBank FSB (FrontSide Bus) See system bus. FSB - front side bus , and BayBank NH, N.A., will continue to operate as separate entities and retain their individual names until their operations are combined as BankBoston beginning in the spring of 1997. "Customers sometimes are wary of mergers," said Ed O'Neal, vice chairman, BankBoston. "They wonder if the merger will benefit them. This program is designed to reassure customers that they will receive tangible benefits as a result of this exciting merger." The first benefit that BayBank and Bank of Boston customers are receiving today is crossover access to each others' ATMs without being charged a network or foreign fee for cash withdrawals and select transactions. Both customer groups now have the benefit of using a combined total of more than 1,500 ATMs in Massachusetts, Connecticut, Rhode Island and New Hampshire. The new Let The Benefits Begin print ads are running in all four states. The ads feature the Bank of Boston and BayBank ATM cards side by side. They announce the fee waiver and promise future advantages in the months ahead. Until the subsidiary banks are merged under one name beginning next spring, the campaign will feature other benefits while often promoting similar services from each bank in the same ad. Print ads will feature both the BayBank and Bank of Boston current logos as well as the new BankBoston logo. In addition, customers are encouraged to refer to either www.BayBank.com or www.bkb.com for information about BankBoston related issues and future product benefits. BankBoston (NYSE NYSE See: New York Stock Exchange :BKB), with combined assets of $62.4 billion as of June 30, 1996, is a focused financial institution engaged primarily in commercial and consumer banking in southern New England New England, name applied to the region comprising six states of the NE United States—Maine, New Hampshire, Vermont, Massachusetts, Rhode Island, and Connecticut. The region is thought to have been so named by Capt. , providing financing to selected corporations and individuals nationally and internationally, with a focus on indigenous banking operations in Latin America Latin America, the Spanish-speaking, Portuguese-speaking, and French-speaking countries (except Canada) of North America, South America, Central America, and the West Indies. . New England's only global bank, the corporation and its subsidiaries operate through a network of 750 offices in 25 countries around the world -- the third-largest overseas network of any U.S. bank. The corporation's common and preferred stocks Stock shares that have preferential rights to dividends or to amounts distributable on liquidation, or to both, ahead of common shareholders. Preferred stock is given preference over common stock. Holders of preferred stock receive dividends at a fixed annual rate. are listed on the New York New York, state, United States New York, Middle Atlantic state of the United States. It is bordered by Vermont, Massachusetts, Connecticut, and the Atlantic Ocean (E), New Jersey and Pennsylvania (S), Lakes Erie and Ontario and the Canadian province of and Boston stock exchanges The Boston Stock Exchange (BSE) is a regional stock exchange located in Boston, Massachusetts. The third-oldest stock exchange in the United States, it was founded in 1834. On October 2nd, 2007 Nasdaq agreed to acquire BSE for $61 million. . CONTACT: Bruce Spitzer BankBoston 617/788-7812 |
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