A small Ontario credit union is taking its cue from the successful Richmond Savings Credit Union ‘Humungous Bank’ campaign and launching its own ads poking fun at Canada’s big banks.

Toronto-based Hepcoe Credit Union is running a series of radio spots and newspaper ads in community newspapers in Barrie, Orillia and Collingwood, Ont., communities north of Toronto where Hepcoe has recently acquired new branches.

‘We saw an opportunity to tap into a flow of conversation that was taking place in the market about the banks, while at the same time promoting our new operations,’ says Wendy Brennan, Hepcoe vice-president of marketing.

The $150,000 campaign is modest compared to the high-priced efforts by Canada’s major banks, but is the first mass-media campaign undertaken by the 56-year-old credit union. The institution, founded by employees at Ontario Hydro, has been courting new customers since the utility’s massive downsizing five years ago.

Richmond Savings Credit Union won much attention, and business, with its 1997 satirical campaign for the imaginary ‘Humungous Bank’. The creative, by Vancouver-based Palmer Jarvis DDB, parodied the advertising of the big banks with headlines such as: ‘We built this bank one service charge at a time.’

Hepcoe is hoping the humor in its own advertising will help to attract young people and those looking for an alternative to the big banks, Brennan said.

All three newspaper ads feature distorted, humorous photos of people over the tag line: ‘Hepcoe Credit Union – We’re in it together.’

One features a young man wearing nothing but his socks over the copy: ‘Take the typical sales pitch from the typical financial advisor. Now, strip away all the glamour, glitz and guff and what are you left with? Some pretty bare bones.’

The ad then extols the virtues of the credit union’s independent financial advice and asks: ‘Can you imagine having this relationship with a bank? Can you imagine a flying pig?’

Hepcoe is Ontario’s third-largest credit union with 22 branches throughout Southern Ontario, 75,000 members and assets of more than $800 million.

The campaign was awarded to Toronto and London, Ont.-based Connections Integrated Communications without a review. The firm had created a successful campaign for St. Willibroad Credit Union in London, Ont.

Public dissatisfaction with banks is leading more credit unions to market their brands as a unique alternative to the banks, says Gary Lintern, Connections president.

‘Most people view bank advertising as pure spin,’ he says. ‘We are trying to tap into an attitude that there is a better alternative to the big banks.’

Lintern says Connections’ 1997 campaign for St. Willibroad helped spur a 15% increase in business and the company is hoping for similar results with Hepcoe.

The Hepcoe campaign will run for eight weeks and be evaluated in the new year, Brennan says.