LAUGHING ALL THE WAY TO THE BANK; GW BLENDS FUNNY, FINANCIAL.

Byline: Deborah Adamson Daily News Staff Writer

The scene: A dog jumps for a cat lounging on garden furniture but in frustration finds that his leash is too short to reach the feline.

The punch line: ``Wouldn't another 2 percent come in handy right about now?''

So goes one of several television commercials launched earlier this month by Great Western Bank.

It's the same institution that for the past 20 years produced the staid but warm and fuzzy Old West series of commercials, first starring the late John Wayne and then actor Dennis Weaver.

But the savings and loan, owned by Chatsworth-based Great Western Financial Corp., has shifted to a hipper, younger image in this campaign. Dennis Leary, the caustic MTV comedian and actor, does the commercial's voice-overs.

The thrift's new slogan also sports an attitude: ``Hey, it's your money.''

All of this wouldn't be unusual, except for the little matter of a merger.

Great Western's shareholders will meet next month to vote on the marriage of the company to Washington Mutual. If they don't like that offer, there's always the hostile takeover bid from Irwindale-based H.F. Ahmanson & Co., parent company of Home Savings of America.

``It is strange to come out with a new ad campaign in the midst of the merger process,'' said Todd Pitsinger, an analyst at Friedman, Billings, Ramsey in Arlington, Va. ``But they might want to show that it's business as usual.''

Jack Myers, president of the Myers Consulting Group in Parsippany, N.J., a firm that follows the advertising industry, agrees that the move is unusual.

``At the point of takeover, usually advertising is cut back,'' he said.

Not so at Great Western. The thrift is spending $8 million on this campaign, more than half of its total advertising budget for the year.

Dennis Shirley, Great Western's marketing director, said the firm had planned the campaign in January - months before Home Savings' bid and the subsequent announcement of an agreement to merge with Washington Mutual.

But ``regardless of which company is successful in buying us, both of them will be interested in revenue generation for the bank,'' Shirley said.

Myers said in situations like Great Western finds itself in, it is more logical to launch a short-term campaign touting a particular product than one that builds on brand image.

It's the difference between say, Coke advertising a summer promotion and showing brand-building ads using its slogan, ``Always Coca-Cola.''

Most companies usually wait until a definite plan is hammered out before publicizing the new firm's image.

But that's not necessary if the ad is short-term and focused on a product.

Great Western touts its ``Great Rate Money Market'' account, promising to pay 2 percent more than its big bank rivals on balances of at least $10,000.

The thrift hopes the slogan will convince customers that they are appreciated by Great Western. When the savings and loan was conducting research for the ads, it found out that consumers felt unappreciated by banks.

Great Western's point is to tell customers that ``we know it's your money and we appreciate it when you bring it to Great Western,'' Shirley said.

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5 Photos

Photo: (1-2--Color) A balding man, top, and a dog on a short leash illustrate Great Western's slogal: ``Wouldn't another 2 percent come in handy right about now?''

(3) DUKING IT OUT: John Wayne lent his image to the original TV spots.

(4) MODERN COWPOKE: Dennis Wever helped perpetuate the company's Old West theme.

(5) MTV MOUTH: Comic Dennis Leary will be the firm's voice now.