Credit Unions Kick Off Fresh Marketing Ground With College Football Players

Credit unions in Florida and Louisiana may be among the first in the industry to sign college athletes to brand marketing agreements that may open a fresh channel to reach young member prospects.

The $2.5 billion Addition Financial Credit Union in Lake Mary, Fla., and the $1.1 billion Neighbors Federal Credit Union in Baton Rouge, La., announced their partnerships in August, just a month after the NCAA adopted a new interim policy that allows student athletes to make money from their name, image and likeness.

Kicking off this year’s college football season was Dillon Gabriel, the starting quarterback for the University of Central Florida Knights, with Addition Financial, and Louisiana State University wide receiver Brian Thomas Jr. with Neighbors. Both promising athletes are hometown favorites.

The financial terms of these deals were not disclosed.

However, NIL deals are not expensive, according to a report in Tucson.com, the online news site of the Arizona Daily Star. Jim Cavale, founder and CEO of INFLCR in Birmingham, Ala., which pairs student athletes with endorsements, estimated that 499,000 of the 500,000 student athletes in all college divisions would average NIL deals in the low four-figure range, the news outlet reported in September. He also said 100 student athletes might fetch more than $10,000 and 10 student athletes could demand a $1 million agreement, Tucson.com reported.

Addition Financial began its relationship with UCF Athletics in 2013, after acquiring the naming rights to the Addition Financial Arena on campus. That same year, Addition Financial was named the official financial institution of the UCF Knights.

“We know how powerful influencer marketing can be for engaging with some of the younger audiences. And we know that Dylan Gabriel, as the UCF quarterback, is truly a hometown hero,” Valerie Moses, a senior relationship manager for community engagement and partnerships at Addition Financial, said.

Moses said the credit union will be working with Gabriel, or any student athlete they partner with, to promote financial education.

“For a lot of these student athletes, this is going to be the first time they are earning an income, so we want to help educate them on how they can budget effectively and use that money responsibly because it can be very tempting to make some impulsive purchases,” Moses said.

Through social media platforms like Instagram and Twitter, Gabriel will be sharing what he learned from working with the credit union and what it has to offer students to help them manage their money. For example, the credit union plans to have Gabriel promote Addition Financial’s Aspire College Checking accounts, which are offered to any student for five years. The accounts have no minimum balance requirements, no service fees, and up to four monthly ATM transaction fees are waived.

Gabriel also will promote the credit union’s debit cards with UCF athletics. Every time the card is swiped, Addition Financial donates back to UCF Athletics, which supports student athlete sponsorships, scholarships and other areas of UCF athletics.

“So, through this partnership, he would also be promoting that card and how students can show their school pride by giving back to the university and to the athletic programs,” Moses said.

One could say that the partnership between LSU wide receiver Brian Thomas Jr. and Neighbors was meant to be.

As one of the most talented and most talked about college first-year athletes in Baton Rouge this football season, Thomas graduated from Walker High School, where Neighbors has a long-established relationship that includes an on-campus branch and Mascot Checking awards program that awards the school a monetary donation with every swipe of a Mascot debit card. The credit union has distributed more than $200,000 to partner schools.

What’s more, the Thomases have been members of the credit union for years, noted Neighbors President/CEO Steve Webb.

“He’s from a school and community with which we have deep ties,” Webb said. “It’s only natural we collaborate with one of our members in an exciting new era for amateur athletes.”

Throughout the football season, the credit union will be featuring Thomas in new digital and video content that tells his story and promotes the Neighbors brand.

In a TV spot that was featured during LSU’s first game, for example, the commercial shows Thomas returning to his high school football field, walking by a Neighbor’s on-campus branch sign.

“This is where it started. No matter where life takes you, you need to stay grounded so we return to what’s familiar, to what we trust,” Thomas’ voice-over said. “That’s how my family feels about Neighbors.”

At the end of the commercial, Thomas pulls out his smartphone that features the credit union’s logo.

“Brian has an amazing athletic career ahead of him,” Neighbors Vice President of Marketing Brett Reynolds said. “But what really stood out to me was the reputation of great character that preceded him. He’s a great young man from a great family and we’re proud to have him associated with the Neighbors brand.”