Desert Financial FCU Buys Naming Rights to Arizona State Univ. Athletic Facility
The credit union will pay $1.5 million per year for five years under the agreement.
Phoenix-based Desert Financial Federal Credit Union has purchased the naming rights to Arizona State University’s University Activities Center, which is home to the men’s and women’s basketball teams, as well as the school’s wrestling, gymnastics and volleyball programs.
The credit union said it will pay $1.5 million per year for five years under the agreement. It also plans to develop continuing education opportunities for credit union members and employees. A marketing and market analysis partnership, as well as an internship program for ASU students are also in the works.
New arena signs will be up by November 5, the credit union said.
“Desert Financial Credit Union’s connection to education comes from our founders; a group of Valley teachers who started with just $78.75 between them. They created an institution that would be of service to educators and students alike,” Desert Financial President and CEO Jeff Meshey said. “We carry that legacy with us today because we believe strong communities are built by citizens who have received a good education. Our relationship with ASU will strengthen that commitment and be an asset to our employees and our members.”
Desert Financial FCU has $4.8 billion in assets and about 341,000 members.
“We are entrepreneurial in much of what we do, so we appreciate the financial benefits that come from naming rights,” Arizona State University President Michael M. Crow said. “However, our call is to be socially embedded and to connect with the community through mutually beneficial partnerships. The agreement with Desert Financial represents the kind of relationships we are seeking at all levels, partnerships fueled by a common interest.”
Desert Financial in the latest name on a growing list of credit unions that have recently inked naming rights deals with local colleges and universities.
Virginia Beach, Va.-based Chartway Federal Credit Union, for example, signed a $4.25 million branding and sponsorship deal for Old Dominion University’s arena, and Medford, N.Y.-based Suffolk Federal Credit Union signed a naming rights deal with Suffolk County Community College.
In addition, Redwood City, Calif.-based Provident Credit Union said it would pay $8.1 million to rename an event center at San Jose State University.
Chartway Federal Credit Union has $2.2 billion in assets and about 190,000 members. Suffolk Federal Credit Union has $1.2 billion in assets and about 61,000 members. Provident has $2.7 billion in assets and about 120,000 members.