Idaho CU Inks $10 Million Naming-Rights Deal
Chubbuck, Idaho-based Idaho Central Credit Union has agreed to pay $10 million for the naming rights to a new basketball arena being built at the University of Idaho.
The gift will give the credit union the naming rights to the arena, which will be dubbed Idaho Central Credit Union Arena, for 35 years.
According to a press release from the University of Idaho, the new arena will cover 62,000 square feet and seat 4,200 people. It will be a “one-of-a-kind engineered wood structure” that highlights Idaho’s wood products industry.
“This donation is a symbol of our support for the University of Idaho and of our investment in North Idaho," Idaho Central Credit Union CEO Kent Oram said. "As ICCU continues to grow, we have more and more members in this community. We are dedicated to supporting the communities where our members live and work. Idaho Central is proud of this partnership with the University of Idaho and the increased connection we now have with the entire Vandal family, statewide.”
The entire project will cost $45 million. According to the university, $34 million has been raised so far.
Idaho Central Credit Union has $3.3 billion in assets and about 287,000 members.
The deal is the latest in a string of recent naming rights deals among credit unions.
In December, the $542 million Frankenmuth Credit Union announced that it signed 10-year naming rights deal for a 2,500-seat arena in Birch Run, Michigan. Financial terms of the deal were not disclosed in that deal. Frankenmuth Credit Union, which is headquartered in Frankenmuth, Michigan, has about 41,000 members.
Credit unions in Utah and Massachusetts also announced naming rights agreements in recent weeks. A convention and meeting venue that hosts more than 700,000 visitors and 270 events annually is becoming Mountain America Expo Center, named after the $7 billion Mountain America Federal Credit Union headquartered in West Jordan, Utah. Terms of the 10-year agreement were not disclosed, but the credit union’s name will be on display throughout the expo center. The credit union, which has about 704,000 members, will also host quarterly financial seminars, install several ATMs throughout the venue and give members promotional benefits for select events.
In Massachusetts, the $595 million Align Credit Union, which has about 28,000 members, signed a naming rights agreement for the pavilion club in the Tsongas Center at UMass Lowell. The venue hosts NCAA Division I college hockey, as well as basketball games, concerts, family shows and conferences. The Align Credit Union Pavilion is a 4,800-square-foot multi-level luxury concourse that provides 350 pavilion club members with a variety of amenities. Terms of that deal were not disclosed.