Velocity Community CU Inks Unique Stadium Deal
While some credit unions are reaching a new generation of members through in-school branches, the $283 million Velocity Community Credit Union is taking a different approach to engaging young prospects and their families.
The Palm Beach, Fla.-based cooperative said it is investing in the naming rights of a high school stadium, while also providing financial education and internship opportunities for students, supporting the school store with revenue-sharing co-branded products and providing strategic business planning to help the school’s athletic program raise money.
Velocity Community CU said it is contributing $100,000, or $20,000 annually over five years, that will be used to install a new synthetic turf field at Jupiter Community High School. In exchange, the stadium will be named Velocity Community Credit Union Stadium through 2018.
“The stadium is also going to be available for the community, which is what really helped us become interested in this whole project, because it will enable us to reach the students, the younger families, get our name out in the community and truly be involved in the community,” said Dennis Warzala, chief lending officer, who also oversees business development and marketing for the credit union. “At the end of the day, we’re here to build relationships and help our members with all of their financial needs.”
Jupiter Community High School is conducting an ambitious fundraising project with an $800,000 goal to pay for the new synthetic turf field. With Velocity Community CU’s contribution, the high school has raised $550,000.
“The Jupiter Stadium Improvement Project will enhance the experience for our local athletes of all ages while serving the greater community, linking the school with our town, its residents and businesses,” said Jupiter Community High School Principal Dan Frank. “This partnership makes our project a reality and provides much needed financial education support for our students.”
The credit union’s logo will be installed above the stadium’s press box, on the side of the building and at other locations. The logo also will appear on programs and ID badges.
As part of the naming rights agreement, the credit union will provide financial education classes and internships for students, as well as sponsor the school’s marketing club.
Warzala also said the deal will enable Velocity Community CU to deepen its relationship with the high school in other ways as well.
For example, the credit union will be providing strategic business planning assistance to help the school’s athletic program develop new ways to raise funds. Velocity Community CU also will be supporting the school’s Warrior Spirit Store and Trading Post.
“We’ll be supporting the school store by either giving them some subsidized products they can sell or do some co-branding of a product (such as a payment card) along with some revenue sharing,” Warzala said. “This deal is more than just saying put our name our logo up on the stadium, and then it’s over. No. That’s just beginning. This (deal) is different and we’re very excited about it.”