The move to change the name and concept of Business Bank is akin to the rebirth of the phoenix, according to CEO Mike Cann.

“We’re rising from the ashes, if you will,” Cann said Wednesday.

Business Bank announced last week its new name, SaviBank, and a new brand that expands its service reach beyond the business community.

“With Savi, our team is building a thriving bank that serves the whole community,” said Andy Hunter, president and chief credit officer of SaviBank in a news release. “As we thought about our future objectives, we concluded our old name and brand simply didn’t fit us anymore. From homeowner lending to helping parents save for college, our range of services and expertise is designed to help our entire community and we needed an identity to reflect that.”

The bank has been on a long road to recovery after being slapped with a cease- and-desist order in 2009 after engaging in risky lending practices. The order was lifted in December and the bank was free to rename and rebrand itself. The bank successfully raised more than $12 million and was able to rid itself of distressed loans dating back to the real estate downturn of 2007-2008.

“The bank was in trouble and we were able to get out of that trouble,” Cann said.

Formerly the president of Whidbey Island Bank, Cann went to Business Bank in 2010 to help the struggling company and ended up staying on as chairman and CEO.

The bank, headquartered in Burlington, opened an Oak Harbor loan center in August on Midway Boulevard, but Cann said plans are in the works to expand the location to a full-service branch.

Cann said the new brand represents “a new era with major growth opportunities” for the company.

The new name SaviBank will be accompanied by a new logo ­— an owl as a symbol of wisdom ­— and embodies the bank’s mission “to be savvy advisors,” according to a SaviBank news release.

“We want to be seen as trusted financial guides for the communities we serve,” Cann said.

“We’re particularly proud of being a locally owned and operated bank, and we haven’t been sold or taken over by one of the big boys.”

Cann said bank plans to focus on building relationships and increasing community involvement.

“We’re the last really small community bank,” Cann said.

More information can be found at www.savibank.com.