CHICAGO–Credit Union 1 and the University of Illinois at Chicago have reached a deal to give the credit union naming rights to the UIC Pavillion, a 9,500-seat, multi-purpose facility that is home to UIC’s men’s and women’s basketball teams. The $9.3-million agreement is for 15 years and will result in the name being changed to the Credit Union 1 arena.
The agreement also includes a $750,000 contribution toward scholarships at the university.
“We are proud to contribute almost $10 million through our Credit Union 1 Arena naming rights partnership with the University of Illinois at Chicago, helping them to continue as one of the nation’s top universities,” said Credit Union 1 EVP/COO Todd Gunderson in a statement. “In addition to supporting the university, we are also dedicated to supporting the individual students. That’s why Credit Union 1 is committing $750,000 in scholarship money to help students realize their dream of achieving their full potential while at the same time deepening our roots serving the Chicago community.”
Credit Union 1 President and CEO Paul Simons said the scholarship idea was proposed by Gunderson.
"He felt the Credit Union 1 scholarship fund naturally fell into our strategic plan to help our membership base grow by helping families and students in the communities grow and reach their economic potential,” Simons said in a statement. “If we support the students in taking their first steps into the real world scholastically, professionally and then financially it makes our communities more successful."
Credit Union 1 has provided financial services for UIC employees, students, retirees and their families for over 20 years and has three branches on the campus.