Most credit union stadium or arena naming rights business deals generate new revenue for professional or college sports teams, and provide cooperatives with brand exposure and a marketing avenue to reach new members.
But a Houston, Texas-based credit union announced a new, seven-figure deal effective July 1 that was not a typical naming rights business deal.
In exchange for the naming rights of a school stadium, the $220 million Cy-Fair Federal Credit Union will pay $1.5 million over the next 10 years to support educational programs and services at Cypress Fairbanks Independent School District in Houston.
"Schools are facing tighter budgets," Cy-Fair President/CEO Cameron Dicky said. "For the cost of a typical billboard campaign, the money we invest in this sponsorship can support up to three classroom salaries and student-enriching programs like art, sports, theater and debate."
The credit union has strong ties to the local school district.
In 1956, the cooperative was formed by 10 Cypress-Fairbanks ISD educators to serve school district employees and their families. The credit union operated from an office on the school's campus until 1977 when it built its first branch.
Over the years, the credit union has contributed more than $420,000 in direct support to the Cypress-Fairbanks ISD. Additionally, in 2013, Cy-Fair launched its Community Only Better Imitative, a 10-year pledge to invest $500,000 for schools, small business and Cy-Fair students.
The Cy-Fair FCU Stadium, previously named the Berry Center, serves as a central venue for local schools and communities throughout the Cypress Fairbanks area. About 1.5 million people visit the stadium annually for a wide range of athletic, educational and artistic events, including football games for 10 of the district's high schools.
"The agreement between Cypress-Fairbanks ISD and Cy-Fair FCU not only generates revenue for the school district but helps formalize a union between two institutions that have been linked from the beginning," Dr. Mark Henry, the school superintendent, said. "Cy-Fair FCU Stadium is both a facility and a name that we are proud of."
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