Provident CU Signs Naming Rights Deal With San Jose State University
As part of the naming rights deal, the credit union will offer financial literacy awareness clinics to the campus community.
Redwood City, Calif.-based Provident Credit Union has announced it will pay $8.1 million for the naming rights to an event center at San Jose State University.
The 30-year-old facility will become the Provident Credit Union Event Center, and money from the deal will go toward improvements, upgrades and renovations, according to the university. The 20-year agreement also includes signage at the event center and on nearby roads. Provident, which has $2.7 billion in assets and about 120,000 members, will offer financial literacy awareness clinics to the campus community as well.
“The credit union has had a 70-year relationship with not only educators in Northern California but all communities in the five Bay Area counties. As an alumnus, I am very proud that Provident has been given the opportunity to provide the San Jose State University community with our exceptional products, outstanding services and comprehensive financial education. We are very excited about this partnership and eager to get started,” Provident Credit Union President and CEO of Jim Ernest said.
The event center hosts commencement, convocation and athletic events. The university said it also rents the facility to outside promoters for concerts, comedy shows and other entertainment events.
The California State University Board of Trustees approved the deal on July 24.
“Maintaining a modern, inviting event center is vital for San Jose State, our students and student-athletes, faculty and staff, the City of San Jose, and the entire campus community,” San Jose State University President Mary Papazian said. “Regional collaborations like this one demonstrate how the university can work with industry in mutually-beneficial ways. And, as an SJSU alum, President Jim Ernest is another great example of our graduates who make a difference in their own backyard.”
It’s been a busy time for naming rights deals in the credit union industry.
Last week, for example, Folsom, Calif.-based SAFE Credit Union announced that it bought the naming rights to a Sacramento convention center, community theater and outdoor plaza. The credit union said it planned to spend $23 million over the next 25 years on the deal. SAFE Credit Union has $3 billion in assets and about 235,000 members.
Last month, Medford, N.Y.-based Suffolk Federal Credit Union announced 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 Suffolk Federal Credit Union Arena. The 60,000-square-foot facility includes multi-purpose courts, sporting fields, indoor and outdoor running tracks, a swimming pool and a fitness center. Financial terms were not disclosed. Suffolk Federal Credit Union has $1.2 billion in assets and about 61,000 members.