The $28 billion State Employees' Credit Union and the $990 million Island Federal Credit Union are among the latest to sign naming rights agreements.

The Raleigh, N.C.-based SECU said it has agreed to pay $1.5 million for the naming rights of a plaza at the main entrance of the Asheville Art Museum. The funds will go toward the planned $17 million museum renovation and expansion project.

Because the city of Asheville, N.C., leases property to the museum, the naming rights agreement required approval from Asheville City Council. The agreement was unanimously passed by city council Wednesday, according to the Citizen-Times, a local newspaper.

Pamela L. Myers, executive director of the Asheville Art Museum, wrote in a letter to Asheville Mayor Esther Manheimer that the funds will come from the SECU Foundation, which is funded by contributions from SECU members to promote local community development in North Carolina.

Meanwhile, the Hauppauge, N.Y-based Island FCU said Tuesday it signed a 10-year $7 million corporate advertising agreement with Stoney Brook University in Stony Brook, N.Y.

In exchange for the $7 million, the university said it will receive the title sponsorship of the newly renovated 4,000-seat arena and the school's film festival.

The agreement also calls for developing banking education programs through the college of business, support for the new Stony Brook children's hospital and the Long Island State Veteran's Home, according to Stony Brook University's prepared statement.

The agreement will also allow Island FCU to open two branches and install ATMs on the university's 1,364-acre campus.

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Credit Unions Ink Naming Rights Agreements

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