Three credit unions ink naming rights deals

Credit unions in California, Florida and Hawaii recently signed naming rights deals with college football programs to broaden their brand name recognition with students in an effort to attract a new generation of members.

On Sept. 10, CEFCU Stadium – Home of the Spartans at San Jose State University hosted its first football game against Portland State.

Last month, San Jose State University and the $5.4 billion Citizens Equity First Credit Union announced a $8.7 million, 15-year deal to rename the 30,456-seat stadium after the Peoria, Ill.-based cooperative. In 2008, CEFCU acquired the San Jose-based Valley Credit Union in a purchase and assumption agreement after the California credit union had been placed into receivership.

The Valley name was kept until 2011 when its name was changed to CEFCU. Even though the credit union has been growing its members, deposits and loans by double digits, the San Jose market is very large and CEFCU needed to increase its brand recognition among consumers, CEFCU President/CEO Mark A. Spenny said.

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