ORLANDO, Fla. (5/28/13)--Lake Mary, Fla.-based CFE FCU has acquired the naming rights to UCF Arena, a 10,000-seat facility on the University of Central Florida campus, for $3.95 million.
The deal expands a longstanding relationship between the $1.4 billion asset credit union and the university. UCF President John C. Hitt announced the agreement Thursday. The university will receive $3.95 million over the next seven years, and the arena will be renamed CFE Arena.
The arena hosts UCF men's and women's basketball games, concerts by popular artists such as Elton John and Lady Gaga, and university and 20 high school graduation ceremonies each year as well as other events.
"We have been a consistent supporter of education in Central Florida since our founding in 1937 and recognize UCF's unique presence as an ever-expanding community of students, staff and alumni," said Joseph A. Melbourne Jr., president/CEO of CFE FCU, in a press release.
"Our partnership with UCF offers us an even greater opportunity to provide the next generation with lifelong financial management skills and the products and services they will need throughout their lives," he added.
The naming of the arena is the latest initiative in the credit union's focus to becoming more recognized and accessible on the UCF campus. In November 2011, it acquired UCF FCU, which had a 40-year history with the university, and its on-campus and just-off-campus locations.
The credit union will open a branch inside the CFE Arena, with flexible operating hours, especially during arena events. It also will install ATMs and its indoor space will include a lounge where arena visitors can sit, study and charge their electronic devices.
"Our branch in the CFE Arena will be more than a place to conduct financial business," said Katie Thomason, director of UCF development for CFE. "We want to create a cafe vibe with a comfortable lounge area and a self-service coffee bar." The space also will be used for money management coaching and training for students. "Helping our members manage their finances responsibly is a priority for CFE."