FORT COLLINS, Colo.–Public Service Credit Union, which in April announced a $37.7 million naming rights deal with Colorado State University, has also now announced the new name it will be using on its stadium.
The $2.2-billion Public Service Credit Union is changing its name to Canvas Credit Union. The 15-year naming rights deal with Colorado State University means its new football stadium will be known as Canvas Credit Union Stadium.
The official launch of the new name will come in August, and PSCU said it is working with the brand experience consulting firm Monigle in the lead-up to the launch of what it is calling “a reimagined member and employee experience—one that is built on its people, love and the belief that credit unions have been a best kept secret for far too long.”
CSU opened the new stadium, with 36,500 seats and total capacity of 41,000, in the fall of 2017. An anonymous donor paid $20 million to put the name of former coach Sonny Lubick on the stadium’s playing field, but naming rights to the stadium itself were not sold for the $220-million facility’s first season.
In a statement on the credit union’s website, it explained, “We’ve evolved as an organization, growing our footprint and family to serve new members, and fostering a vibrant culture that celebrates our people and the credit union difference. When you’re with Canvas Credit Union, you’re family, and we make sure our experience delivers on this feeling. The name Canvas means so many things to so many different people—it signifies a blank canvas or a foundation for you to build on, creating your own unique life journey. Canvas also points to the breadth of services and coverage we offer Colorado; with 28 branches across the state, we cover our members, no matter where you are. We also proudly use Credit Union in our name because we’re committed to being a financial cooperative and putting people before profits.”
The credit union explained that “Each part of our logo comes together to show how we help our community create the life they picture. Our arrow-style shapes not only help guide people on their journey, but also, if you look closely, form the ‘Canvas’ name.”
More information, including a video, can be found here.
CSU President and Chancellor Tony Frank had earlier told the Coloradoan that the university could be choosy in selecting a naming-rights partner, since the $20 million that was given to put Lubick’s name on the field was equal to the amount of money the school had hoped to make selling both stadium and field naming rights.
Money from the naming rights will be placed into the reserve fund CSU has established to help cover any shortfalls that might occur between net revenue produced by the stadium's operations and annual bond payments on the debt incurred to build the facility, the Coloradoan said.
The 80-year-old PSCU has 238,000 members.