First Entertainment CU Scores L.A. Lakers Sponsorship Deal

The Hollywood, Calif.-based First Entertainment Credit Union is the new official credit union of the Los Angeles Lakers basketball team.

The credit union, which has $1.6 billion in assets and about 87,000 members, said in an announcement that the multi-season sponsorship agreement includes branding and promotions inside the STAPLES Center for Lakers home games. It also includes Lakers-related events at L.A. Live, as well as advertising around Los Angeles. Financial terms of the deal were not disclosed.

“We’re very happy to announce First Entertainment as the Official Credit Union of the Los Angeles Lakers,” Lakers President of Business Operations Tim Harris said. “First Entertainment has been a pillar in the Los Angeles financial community for over 50 years and we look forward to working with them to increase awareness on the importance of financial responsibility and the support they bring for aspiring entrepreneurs and entertainers across Los Angeles.”

First Entertainment also said it launched an individual partnership with Lakers forward Anthony Davis, who worked with the credit union on a new video promoting financial literacy in Los Angeles.

The deal with the L.A. Lakers and Davis were the first of their kind for First Entertainment, and the credit union said it was part of a “larger, new brand vision to become the premier financial ally for the Los Angeles community and entertainment creators across any genre.”

“We take pride in having a rich legacy among our passionate and creative membership, the entertainment industry at large, and the City of Los Angeles,” First Entertainment Chief Marketing Officer Amondo Redmond said. “It is our strong relationships that define who we are as a long-time staple in L.A.’s financial sector. Having the Lakers and Anthony Davis on board with us starting this season is a big part of the new direction we want to take in 2020 and beyond. This is not just about brand awareness; it is about helping build Anthony’s relationship with this extraordinary city, redefining what First Entertainment brings as an ally to the entertainment capital of the world, and expanding our brand’s own story within the L.A. lifestyle, sports and entertainment space.”

The STAPLES Center, which can hold up to 20,000 guests depending on the event, is also home to the Los Angeles Clippers and Los Angeles Sparks basketball teams, as well as the Los Angeles Kings hockey team. It has also hosted large events such as the Democratic National Convention, the World Figure Skating Championships and the Grammy Award shows, as well as a variety of high-profile concerts.

First Entertainment is affiliated with various entertainment organizations, including the Academy of Motion Picture Arts & Sciences, Lions Gate Entertainment, Capital Records, Warner Bros, Dick Clark Productions and 20th Century Fox. Employees of Warner Bros. Studio founded the credit union.

Other credit unions have struck sponsorship deals in the basketball world in the past two years.

In 2018, 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. TruMark Financial has $2.4 billion assets and about 125,000 members.

Last October, the Phoenix-based Desert Financial Federal Credit Union announced the purchase of 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 would pay $1.5 million per year for five years under the agreement. Desert Financial has $5 billion in assets and about 321,000 members.