PORT ST. LUCIE, Fla.–The Port St. Lucie Civic Center has a new name. MIDFORIDA Credit Union has bought the naming rights to the facility for $1 million over five years. The facility will now be known as MIDFLORIDA Civic Center.
According to terms of the deal, MIDFLORIDA will pay the city $195,000 a year for five years, with the option for one five-year renewal, TCPalm.com reported. The city also would rename the road outside the center from Civic Center Place to MIDFLORIDA Civic Center Place, with the credit union responsible for the cost of new signage on the building. It also 10 tickets to all public events held at the center, the publication stated.
According to the report, Port St. Lucie was seeking to sell the naming rights to the 100,000-square-foot building to help cover its costs, Blackburn said. It costs $242,000 a year to maintain the center, said Linda McCarthy, its director, TCPalm.com reported.
Aggressive Expansion
The $3.4-billion MIDFLORIDA Credit Union, which earlier this year announced the biggest ever acquisition of a bank by a credit union when it purchased the $730-million Community Bank & Trust of Florida, has aggressively expanded its presence in central Florida. It also announced it intends to purchase the Florida assets of First American Bank of Iowa, which has two in Naples and one in Cape Coral, Fla.
The CU on also has the naming rights to the MIDFLORIDA Credit Union Ampitheatre in Tampa.