HAUPPAUGE, N.Y.—Island Federal Credit Union and Stony Brook University have agreed to a $7 million, 10-year partnership.
The agreement gives the $991-million CU exclusive naming rights to the school's new 4,000-seat arena, the film festival at the school’s Staller Center and several other campus programs for the next decade.
IFCU, as well, will be the sole provider of financial services to the college, having two retail branches and 10 ATMs on campus.
"This is a great deal for Stony Brook University—for our faculty, staff and students," said Stony Brook President Dr. Samuel Stanley Jr., in published reports. "Nobody needs to change their banking if they don't want to. I think Island Federal Credit Union is going to offer great things for the Stony Brook community, but they are going above and beyond to provide support to the campus and really engaging the university in several ways."
"Once we started talking with Stony Brook University, we figured out what an impact we could make," said IFCU CEO Bret Sears. "We found this to be an incredible opportunity to broaden the Island name, but also to make Long Island a better place to live."
The school's arena, which opened in October after a $20-million overhaul, will be called Island Federal Credit Union Arena. The school’s film festival will be renamed the Stony Brook Film Festival Presented by Island Federal Credit Union.
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