COLLEGE PARK, Md.– State Employees' Credit Union of Maryland has entered into a 10-year, $11-million deal to put its name on the University of Maryland football stadium.
The $5-billion credit union is paying Maryland Athletics for the right to the home of the Maryland Terrapins, who play in the Big 10. The SECU Stadium name will be unveiled on Oct. 1 when the Terps take on Michigan State in the team’s home opener.
The $11 million includes a $2.5 million gift to support financial literacy programs on campus and the construction of the Barry P. Gossett Basketball Performance Center, the Maryland Business Journal reported.
As part of the agreement, SECU will pay the department $135 for every new account associated with the university. That's expected to generate up to $400,000 annually, Maryland Athletics Director Damon Evans said, according to the Business Journal.
The SECU name will replace Capital One Field at Maryland Stadium after Capital One's ongoing sponsorship deal wasn't producing the revenue the university expected, according to the publication.
Evans told the Business Journal he has known SECU CEO Dave Sweiderk for several years and sits on the board of the Maryland Special Olympics with him.
"SECU just rose to the top," Evans said.
According to the report, the move to grow visibility in the Washington, D.C., suburbs “makes sense” for SECU, which has long been centered in Greater Baltimore, it has been making a move into the counties closer to Washington under Sweiderk.
Already Has Arena Rights
SECU already has its name on SECU Arena, the home of the Towson University Tigers basketball team. That $4.75 million deal, forged in 2013, ends in one year, according to the Maryland Business Journal. When asked whether the credit union will continue, a SECU executive told the publication discussions will begin shortly on what that partnership will look like.
"I will say we hope to continue a long-term relationship with Towson University," said Becky Smith, executive vice president and chief strategy and growth officer for SECU.