HAMILTON, Ontario–A number of credit unions in Canada have been busy snapping up naming rights to various facilities.
Among them, Meridian Credit Union here, which has reached a multi-year, $750,000 naming rights and sponsorship agreement with the Hamilton Farmers' Market and the city of Hamilton.
The agreement, which still requires council approval, will see Meridian pay the city and the not-for-profit corporation that operates the market $150,000 annually for five years, according to the Hamilton Spectator.
The Farmers' Market Corporation will receive $125,000 of the annual payment to help pare down city subsidies and pay for upgrades while the remaining $25,000 will go toward reducing the tax levy, the Spectator reported.
The terms of the agreement include an additional five-year renewal option.
As the Spectator noted and CUToday.info also reported earlier, the deal follows in the footsteps of city sponsorship agreements with FirstOntario Credit Union, which recently paid $2.5 million over 10 years for the naming rights to Hamilton Place and previously bought the naming rights to the former Copps Coliseum for $3.5 million.
According to a staff report, the sponsorship, which starts April 1, will be expressed in various ways, including references to "The Hamilton Farmers' Market Proudly Supported by Meridian."
Meanwhile, in Prince Edward Island, a community arena will soon be named after a credit union. The naming rights for Kensington's Community Gardens Arena Complex were recently purchased by Malpeque Bay Credit Union. It has announced it is accepting nominations for the new name, and the rule for entries is relatively simple: It must be no more than four words, two of which must be “Credit Union.”