The $1.7 billion California Coast Credit Union in San Diego said it has signed an agreement to purchase the naming rights of an open air theater at San Diego State University.
Though CCCU did not release terms of the naming rights in its news release, the San Diego Union-Tribune, a local newspaper, reported that the credit union has agreed to pay SDSU a total of $3.25 million over the next 10 years, or $325,000 annually.
Starting Jan. 1, 2014, the university’s entertainment venue will be named Cal Coast Credit Union Open Air Theatre, according to a CCCU news release.
The agreement will help the university make improvements to the facility such as replacing the stage roof, seating and restrooms, and expanding the concourse. The credit union will also provide an ATM at the theater.
Signage reflecting the new name will soon be installed on the main entrance of the theater, the university's marquee, and other locations throughout the facility, as well as on campus maps and directional signage.
What’s more, the credit union said the naming rights agreement is “just the start of a new partnership” as it will also operate a new branch and ATM at the university’s new student union that will open in January. CCCU also has agreed to provide financial education seminars for students.
"The open air theatre has a fascinating history in San Diego and we are very proud and excited to partner with SDSU and the Associated Students (which operates the theater) to contribute to its future success while helping the students, faculty and staff achieve their financial goals," Marla Shepard, president/CEO of CCCU, said in a prepared statement. "As we begin to celebrate our 85th year of service, partnering with the university reflects our commitment and gratitude to the educational community and to San Diego."
Opened in 1941, the Cal Coast Credit Union Open Air Theatre is one of the area's longest running outdoor venues and features state-of-the-art staging and sound.
Over the years, the 4,600-seat venue has hosted dozens of well-known entertainers such as Benny Goodman, Joan Baez, Frank Zappa, Jimmy Buffet, Madonna, The Offspring, Franz Ferdinand, Adele and The Fray. In 1964, Rev. Dr. Martin Luther King Jr. gave a speech at the theater.
The CCU-SDSU agreement marks the first time the open air theater has had a naming rights sponsor.