VyStar CU Signs Naming Rights Deal for Local Arena
The agreement is awaiting approval from the Jacksonville City Council.
Florida’s Jacksonville Veterans Memorial Arena could soon become VyStar Veterans Memorial Arena, thanks to a new naming rights agreement between VyStar Credit Union and the City of Jacksonville.
The agreement is awaiting approval from the Jacksonville City Council, according to an announcement from the credit union and the City of Jacksonville.
“VyStar is honored to have its name alongside that of our brave veterans on the arena. Both of our missions, to serve and recognize our great military, could not be more aligned,” VyStar President and CEO Brian Wolfburg said. “Based on VyStar’s deep roots in the military community, past and present, we can’t imagine a more suitable naming partnership.”
Jacksonville-based VyStar Credit Union has $8.3 billion in assets and about 644,000 members.
The naming rights agreement includes a program that allows arena patrons to donate to an approved veterans program when they make purchases at the arena’s concession stands. It also includes a veteran memorial, as well as discounts for members and veterans on concessions, tickets and parking. In addition, veterans will be able to buy tickets ahead of the general public.
“In coordination with veteran leaders, my staff and VyStar, we have an agreement that is good for taxpayers and at the same time creates new program funding for veterans in our city,” Jacksonville Mayor Lenny Curry said. “This is a win for everyone involved, and I will work with the city council to earn their approval.”
VyStar was formerly known as Jax Navy Federal Credit Union. In 2002 it opened its membership to a five-county area and changed its name to VyStar Credit Union.
The VyStar deal is one of the latest credit union naming-rights partnerships to make headlines. In just the last few months, for example, Fort Washington, Penn.-based TruMark Financial Credit Union inked a partnership making it the official credit union of the NBA’s Philadelphia 76ers. St. Louis-based American Eagle Credit Union also recently signed a multi-year partnership with the St. Louis Blues hockey team to create a new seating area at the city’s Enterprise Center. And Edwardsville, Ill.-based Scott Credit Union announced a five-year deal that would make that credit union’s name and logo visible to fans though advertising in the Enterprise Center. TruMark Financial Credit Union has $2.2 billion in assets and about 119,000 members. Scott Credit Union has $1.2 billion in assets and about 143,000 members.
In addition, California Credit Union of Glendale announced late last year that it planned to rename Mattress Firm Amphitheatre to North Island Credit Union Amphitheatre. That deal would use the name the credit union applied to the operations of North Island Financial Credit Union after California CU acquired it in early 2017. The credit union has $3 billion in assets and about 163,000 members.