In our February report, Banking on Facebook, we identified 47 financial institutions worldwide with 100,000 or more Facebook Likes/Fans. With the clock ticking towards the month-end deadline for brands to move to the new Timeline format (previous post, note 1), we checked in with these 47 to see how many had made the switch.

So far nine of the 47 (20%) have implemented timeline including three of the top 5 (Progressive, Farmers, and American Express). But considering the companies have only known about it for two weeks, that’s good progress. The ranking shown below is based on their standing in late February 2012. The number of Likes below has updated as of today:

1. Progressive Insurance Flo, 3.4 million likes

4. Farmers Insurance, 2.3 million likes

5. American Express, 2.4 million likes

13. Garanti Bank (Turkey), 950,000 likes

18. Bank of Georgia, 320,000 likes

31. TurboTax, 210,000 likes

32. PayPal UK 200,000 likes

37. BBVA Continental 170,000 likes

40. TBC Bank (Georgia) 160,000 likes

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Absa is using its timeline cover photo to promote electronic statements (12 March 2012)
Note: This may be a bit more "promotional" than Facebook was hoping for with its cover photo guidelines, but highlighting a product feature seems reasonable.

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Notes:
1. The Financial Brand published a helpful Timeline tutorial today (here)
2. No top-15 U.S. bank has implemented timeline yet.