The $1.4 billion CFE Federal Credit Union in Lake Mary, Fla., said it has signeda seven-year, $3.95 million deal to purchase the naming rights ofthe 10,000-seat UCF Arena, which has been renamed CFE Arena.

Since 2007 when it opened, the arena has hosted University ofCentral Florida men's and women's basketball games, concerts, UCFand high school commencement ceremonies and other events. Men'sbasketball alone has attracted 538,457 fans since the arena opened,CFE said in Thursday's announcement, adding that UCF's basketballteams are expected to draw national exposure when they move nextyear into the new American Athletic Conference.

“We have been a consistent supporter of education inCentral Florida since our founding in 1937 and recognize UCF'sunique presence as an ever-expanding community of students, staffand alumni,” said Joseph Melbourne Jr., CFE president/CEO. “Ourpartnership with UCF offers us an even greater opportunity toprovide the next generation with lifelong financial managementskills and the products and services they will need throughouttheir lives.”

The credit union will open a branch inside the CFE Arena, itsfourth location on or near UCF's main campus. The branch willoffer flexible operating hours, especially during events hosted atthe arena, the credit union said.

CFE's indoor space will include a lounge for arena visitors tosit, study and charge their electronic devices. ATMs also will beinstalled in and near the facility.

“Our branch in the CFE Arena will be more than a place toconduct financial business,” said Katie Thomason, director of UCFdevelopment for CFE. “We want to create a café vibe with acomfortable lounge area and a self-service coffee bar. Visitorswill be invited to enjoy a cup of coffee while they relax or studyindividually or in the company of others. The space will also beused to provide money management coaching and training forstudents.”

CFE's naming rights agreement is the latest initiative of thecredit union's focus on becoming more recognized and accessible onthe UCF campus. In November 2011, CFE acquired UCF Federal CreditUnion with an on-campus location and a location across from campus.Through its merger with UCF Federal Credit Union, CFE said it nowhas more than 40 years' experience serving the students, facultyand staff on the UCF campus.

The naming arrangement is the second the nearly 60,000-studentschool has announced with a credit union. The $1.7 billion FAIRWINDS Credit Union is the official credit union partner forthe UCF Alumni Association and has the naming rights to theschool's alumni center.