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SYNOVUS FINANCIAL CoRP. is planning to officially launch its new Internet bank by summerend, following the soft launch that is now underway.
The bank, called POINTATH, will target the narrow market niche of engaged and newlywed couples. Synovus, a $12.5-billion-asset holding company headquartered in Columbus, Ga., appointed Atlanta's BAYLESS CRONIN to handle the estimated $5 million in advertising. The campaign focus will be primarily online, with an emphasis on partnerships and alliances with other Web sites.
Pointpath, located at www.pointpathbank.com, is undergoing a soft launch for internal testing purposes. A public launch is about a month away.
The Internet-only bank, Synovus'first of the sort, brings the total number of banks under its umbrella to 39.
The company cited statistics from the U.S. CENSUS BUREAU and the 1998 UCLA Newlywed Project as the reason for developing Pointpath. The research showed that about 2.5 million couples become engaged every year, and nearly 156,000 of these newly...