MADISON, Wis.–Credit unions have found themselves included in national news coverage of financial institutions hiring college athletes as spokespersons.
The deals are the result of rules allowing income from name, image, likeness (NIL) that have, in some cases, made millionaires of the most highly known athletes who appear in national ad campaigns.
In most cases, however, the actual cost of signing a college athlete is considerably less, especially in lesser-known sports.
“Making a bank stand out in the mind of a Gen Zer, I feel, is difficult,” Helen Kosterman, VP-marketing and communications with Park Bank in Madison, Wis., told the Wall Street Journal. Then she saw the results: “I was just like, ‘Wow, OK.’”
Most Deals for Around $1,000
The Journal cited a recent CivicScience poll of around 1,300 college students, with 46% of those who said they were athletes saying they have been compensated by an NIL deal.
Most deals are for approximately $1,000, the publication said.
“Since financial institutions are seeking to connect with a younger crowd, these athletes are very appealing to work with,” Ryan Marosy, head of marketing at New Jersey-based Affinity Federal Credit Union, told the Wall Street Journal. He described college athletes as “social media rock stars.”
Payout & Guidance
The report further stated that for the athletes, partnering with a bank means a payout and some financial guidance. The Journal pointed to University Credit Union in Los Angeles, which signed Chloe Webb, a senior guard on the California Baptist women’s basketball team, after she helped win the Western Athletic Conference Tournament last month. Webb wants to be responsible with her money.
Service 1st FCU in Lewisburg, Penn. has an NIL deal with Bucky the Bison, the mascot for Bucknell University.
CUToday.info has had extensive coverage of NIL deals by credit unions. Just search name, image, likeness in the search engine for details.
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