TEMPE, Ariz.–One credit union is booting Wells Fargo off a college campus—or at least its name off its arena.
Desert Financial Credit Union has won the naming rights to what is now Wells Fargo Arena on the campus of Arizona State University. The building, which is home to ASU’s men’s and women’s basketball, wrestling, gymnastics and volleyball teams, will become Desert Financial Arena as part of the deal.
Desert Financial is paying $1.5 million annually for the naming rights over the five-year term of the deal.
The agreement also includes the development of continuing education opportunities for credit union members and employees, as well as a marketing and market analysis services partnership with Desert Financial and internships at the Phoenix-based credit union for ASU students, the organizations said.
Educational Founding
“Desert Financial Credit Union’s connection to education comes from our founders; a group of Valley teachers who started with just $78.75 between them. They created an institution that would be of service to educators and students alike,” said President and CEO Jeff Meshey. “We carry that legacy with us today because we believe strong communities are built by citizens who have received a good education. Our relationship with ASU will strengthen that commitment and be an asset to our employees and our members.”
The new arena signs will go up in time for basketball season, which begins on Nov. 5 when the ASU women’s team tips off.