Managing Stakeholders' Expectations during a Crisis
Limit fallout from a failing bank, including loss of deposits, customers and employees, and reputational damage.
1st Pacific Bank received an order from the government limiting its activities, which signaled significant trouble to its stakeholders. Margolin & Associates was hired to mitigate the potential damages of the government order.
Margolin & Associates created a multi-pronged communications program to let all of the company’s stakeholders, including customers, employees, shareholders and the general public, understand what was happening to the bank. The plan included creating and disseminating key messaging targeted to each stakeholder group, a full media relations program including responding to critical media, an Op-Ed campaign, and on-the-spot consultation for every potential issue. As a result, during the period of the government order and Margolin & Associates’ contract, bank deposits did not take a rapid fall, customers did not flee, and employees stayed with the company until a merger was announced. All stakeholder deposits were preserved and employees were hired by the new entity.
Margolin & Associates has created extensive, customized crisis management plans for Fortune 500 companies including REI, MetLife, Washington Mutual and City National Bank. Crisis communications planning is one of our particular areas of expertise.