Bank of America Enlists Record Number of Minority Firms in Largest Corporate Brand Transition Ever


Bank of America recently announced it has signed contracts totaling more than $30 million with 29 minority and woman-owned firms to date to help implement its national brand change out - the largest corporate brand change-out in history.

The new Bank of America, created by the merger of NationsBank and Bank America last fall, in April began converting to its new brand. All in all more than 45,000 signs across the nation will be changed to the company's expanded name and new logo. The process, which will be completed sometime in 2000, will ultimately involve replacing more than 6,000 form masters, excluding printing and distribution and aver 100,000 merchandising elements, in addition to exterior and interior signage.

Although the total cost of the brand change out is not being disclosed, by the time the entire rebranding process is completed, Bank of America estimates it will have reached a company-wide level of 15 percent minority participation in the process. The vendor contracts already represent services being provided at the national, regional and local levels.

Minority and woman-owned businesses (M-WBE's) and their survival are critical to the success of the U.S. economy, and they are equally as important to us as we build our company," said Dorothy Brothers, national director of The Bank of American Minority Business Development Group. "Establishing relationships with these minority suppliers is only a small part of the commitment we have made to be the leader in providing M-WBEs every opportunity to share in the success of our national franchise."

Seventeen vendors have corporate contracts with Bank of America exclusively for the manufacturing and installation of the new signs nationwide. Four of those companies are minority vendors. They include; Lugo Construction in Seattle; Southern States in Tulsa, OK; Blye Associates in Charlotte, and THE Samuel Group in Dallas.

Lugo Construction, a Hispanic minority business enterprise, has received the entire Northwest U.S. contract for installation of the Bank of America exterior signs and ATM surrounds. The total cost of the contract is expected to exceed $6 million.

Lugo Construction also will be partnering with other minority and women-owned firms in the Northwest to accomplish their part of the brand change out project.

"Our goal is to make banking work for our customers and our communities in ways it never has before," said Brothers. "Since our franchise is comprised of a brad cross-section of demographic and ethnic groups, we see it as imperative that we involve minority businesses in this process as thoroughly and efficiently as possible."
Bank of America Enlists Record Number of Minority Firms in Largest Corporate Brand Transition Ever Bank of America Enlists Record Number of Minority Firms in Largest Corporate Brand Transition Ever Reviewed by darkmatticus on January 25, 2019 Rating: 5
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