SAFE CU Putting $23 Million Into Naming Rights Deal
The facilities are part of a $340 million project that will be renamed the SAFE Credit Union Convention and Performing Arts District.
Folsom, Calif.-based SAFE Credit Union has bought the naming rights to a Sacramento convention center, community theater and outdoor plaza, according to an announcement.
The credit union said it planned to spend $23 million over the next 25 years to rename the convention center to SAFE Credit Union Convention Center; the theater will become SAFE Credit Union Performing Arts Center and a new outdoor plaza will become SAFE Credit Union Plaza. The facilities are part of a $340 million project that will be renamed the SAFE Credit Union Convention and Performing Arts District, according to the credit union.
The redevelopment project is intended to boost business and tourism in downtown Sacramento and create a city landmark, SAFE said. The city expects to finish the work next year.
“This investment and 25-year commitment will help strengthen the greater Sacramento region by creating jobs, expanding business opportunities and growing California’s capital into a cultural gem,” SAFE CEO and President Dave Roughton said.
The credit union also said a long-term treasury relationship with the City of Sacramento was part of the deal. In addition, SAFE will offer membership to all new City of Sacramento employees and will offer financial health training to them. The credit union has $3 billion in assets and about 235,000 members.
“Part of SAFE’s stewardship and promise to our members is to promote their financial health so they can enjoy life. Transforming the city core into a dynamic business and arts center lifts the entire region by creating jobs and fostering economic growth. We believe our members will benefit from this exciting reshaping of Sacramento’s downtown and identity,” board chairperson Terrance Tremelling said.
The deal is the latest in a string of naming rights and sponsorship agreements announced this summer.
Last month, for example, Medford, N.Y.-based Suffolk Federal Credit Union signed a naming rights deal with the largest community college in the State University of New York system. That deal will rename Suffolk County Community College’s health, sports and education center to the Suffolk Federal Credit Union Arena. Suffolk FCU has $1.2 billion in assets and about 61,000 members.
In June, Virginia Beach, Va.-based Chartway Federal Credit Union signed a 10-year, $4.25 million branding and sponsorship agreement to rename the interior of Old Dominion University’s 8,400-seat arena to Chartway Arena. That agreement also created a $25,000 annual scholarship fund for student athletes. Chartway Federal Credit Union has $2.2 billion in assets and about 190,000 members.