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Redbeard POS Campaign Wins Top Credit Union Marketing Award; Addison Avenue FCU Generates More Than $91.8 Million in Deposits in One Month.

Business Editors

HOLLISTER, Calif.--(BUSINESS WIRE)--Jan. 13, 2003

A point of sale (POS) campaign designed by Redbeard Communications of Hollister, Calif. to promote the return of a seven percent annual percentage yield (APY) for Addison Avenue Federal Credit Union, formerly Hewlett-Packard Employees Federal Credit Union, has won a top award for credit union marketing.

"The Magnificent 7 Rides Again" campaign won the gold award at the 2002 Marketing Association of Credit Unions (MAC) Awards Competition. The campaign increased the credit union's volume of member deposits by more than $91.8 million in one month, which is 18 times greater than the targeted goal of $5 million.

The purposes of the Magnificent 7 Investment Campaign were to retain and attract member deposits as well as educate members about Addison Avenue's portfolio investment options and encourage members to save for retirement. The offer in this campaign allowed members to earn 7 percent APY when they opened an Addison Avenue IRA or opened or renewed an Addison Avenue share certificate. In order to earn the 7 percent APY, members had to maintain a $1,000 balance for a 12-month term.

Redbeard Communications, a brand strategy and multimedia design firm, developed a western theme, "The Magnificent 7 Rides Again," for the credit union that was featured on all of the marketing materials. Other collateral included phrases such as "Don't End Up 'Back in the Saddle Again'" and "That Early to Rise Thing Won't Always Be So Easy."

The campaign was executed through a Web page within Addison Avenue Federal Credit Union's existing Web site and through POS posters. In addition to displaying posters in the credit union branches, they were also displayed in corporate sponsor work environments, such as Hewlett-Packard Company and Agilent Technologies.

"We had a limited budget for the campaign, so the POS strategy was a perfect option that fit our budget requirements and allowed us to effectively reach our target audience," said Addison Avenue Federal Credit Union's Communications Specialist Stephen Tabler. "We believe the promotional rate was a significant factor in the overall success of the promotion. But, our ability to get the work out quickly and affordably was also significant."

The audience was receptive to Addison Avenue's 7 percent APY. According to Tabler, current members and new members began to think more about the need to start saving for their retirement today. The messages were aimed at two age groups, 25-34 years of age and 44-55 years of age, urging them to "retire on time."

"We anticipated that it would have been difficult to effectively communicate the product benefits for both audiences in a single piece, so we opted for the dual message concept and it worked very well," said Redbeard Communications President Gregg Hoffman. "Both audiences could easily relate to the campaign message."

Both Addison Avenue Credit Union and Redbeard Communications were pleased with the results of the campaign, as marketing goals were exceeded and membership increased.

About Addison Avenue Federal Credit Union

Based in Palo Alto, Calif. at the Hewlett-Packard headquarters, Addison Avenue Federal Credit Union has more than twenty branches in ten states and Puerto Rico. The credit union has more than 300 employees, which serve more than 120,000 members around the world. The credit union continues to grow by expanding into new geographies and delivering new and innovative products and services to employees and family members of Hewlett-Packard, Agilent Technologies and other sponsor groups.

For more information, contact Addison Avenue Federal Credit Union at 1.877.233.4766, write P.O. Box 10302, Palo Alto, CA 94303 or visit its Web site at www.addisonavenue.com.

About Redbeard Communications, Inc.

Founded in 1989 and located in Hollister, Calif., Redbeard Communications, Inc. is a brand strategy and multimedia design firm specializing in marketing, design and multimedia technology solutions for the financial and credit union industry. For more information on Redbeard Communications, visit www.redbeard.com or call 831.634.4633.
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Publication:Business Wire
Geographic Code:1USA
Date:Jan 13, 2003
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