Allegacy FCU Scores Naming Rights for North Carolina College Football Stadium
Another credit union in the South, TDECU, announces an extended $20 million partnership with the University of Houston.
For the past 20 years, the Winston-Salem, N.C.-based Allegacy Federal Credit Union has been supporting staff, students and alumni at Wake Forest University, also located in Winston-Salem. The University and Atrium Health Wake Forest Baptist Medical Center is an Allegacy Select Employer Group, Wake Forest School of Business students seek professional development opportunities at the Allegacy Center for Leadership and Character, and Allegacy President/CEO Cathy Pace serves on the board of visitors for the School of Business.
Now, the $2.2 billion credit union has secured the naming rights for the university’s football stadium. According to an announcement from Allegacy on Wednesday, the home of Wake Forest Football has been named Allegacy Federal Credit Union Stadium as part of a new multi-year commitment and the largest corporate partnership in Wake Forest University history.
The commitment also includes the establishment of Allegacy as an official banking partner of Wake Forest Athletics, the exclusive credit union of Wake Forest Athletics, the official wealth management advisors of Wake Forest Athletics and the exclusive banking partner of Wake Forest Football. In addition, Allegacy will become Wake Forest’s preferred student-athlete financial education provider, the credit union said.
“Allegacy and Wake Forest continue to be aligned in mission, ideals and principles,” Pace stated. “Our approach to well-being is holistic in offering financial products and services that help our members be their best selves. Wake Forest’s motto, Pro Humanitate, similarly is a calling to better the lives of others. With this ongoing partnership, we are each building on a proud legacy and a commitment to innovation in education and wellness.”
Wake Forest President Susan R. Wente added, “Allegacy CEO Cathy Pace and I share a strong commitment to the well-being and future of the Winston-Salem community and our region. I want to thank her and Allegacy’s board of directors and executive leadership team for their deep collaboration and engagement throughout this process as we announce this historic agreement. Allegacy’s strategic investment in partnership with Wake Forest will support the continued success of both organizations and provide new, exciting opportunities for Wake Forest students and employees.”
Aside from hosting Wake Forest Deacon Demons football games, which kick off on Aug. 31 for the 2023 season, Allegacy Stadium will continue to serve as a venue for external events similar to the Sir Paul McCartney concert that took place there in May 2022. Global marketing agency Independent Sports and Entertainment assisted in the development of the naming rights and new partnership agreement between Allegacy and Wake Forest, according to the announcement.
In other credit union-university partnership news, TDECU ($4.7 billion, Lake Jackson, Texas), which first partnered with the University of Houston in 2014, announced the finalization of a $20 million partnership extension Wednesday. As a result, the credit union will maintain the naming rights of TDECU Stadium until at least 2034, in addition to supporting financial literacy programs, and engaging in workforce development and food insecurity reduction initiatives and collaborations within the University of Houston community. The credit union will also increase its focus on fan and alumni engagement and support for student athletes, with the UH football team moving into the Big 12 Conference on July 1, as well as support a planned $140 million Football Operations Center on the UH campus. The extended partnership was first announced in fall 2022, TDECU said.
“This incredible partnership stands apart from conventional sports agreements by virtue of the profound impact it will have on all students across the university,” University of Houston President Renu Khator stated. “We extend our gratitude to TDECU for sharing our dedication to equipping students for success throughout their time at UH and beyond.”
TDECU president/CEO Isaac Johnson commented, “We recognize that an investment in the University of Houston is not only an investment for this region, but for the nation itself. This commitment will allow us to walk with UH students from the beginning of their education to graduation and beyond. TDECU is everywhere UH alumni need us to be, helping navigate their financial journeys.”