Business Services Industry
Financial Institutions Benefit form Having Reputable, Well-Known Name.
Knight Ridder/Tribune Business News, September, 2003
By Bill Sulon, The Patriot-News, Harrisburg, Pa. Knight Ridder/Tribune Business News
Sep. 7--Making a name for yourself doesn't come cheap.
Just ask Citizens Bank, Wachovia, M&T Bank, PNC and Lincoln Financial Group, which plan to spend more than $379 million over the next 15 to 30 years to affix their corporate logos to sports arenas and stadiums. And just ask Allfirst Financial, which ruined its name last year after losing $691 million in a foreign currency trading scandal.
Financial institutions, more than most businesses, have the money and regional market aspirations necessary to make naming rights a sound investment, bankers and analysts say. That's been especially true in the Mid-Atlantic states, particularly Pennsylvania, where...
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