UCF announces naming rights deal for Arena
CFE Federal Credit Union to pay $3.95 million over 7 years
Published: Wednesday, May 22, 2013
Updated: Saturday, May 25, 2013 18:05
UCF announced a naming rights deal for the UCF Arena with the CFE Federal Credit Union at Thursday’s Board of Trustees meeting.
“Today we celebrate an expansion of our longstanding relationship. We can’t think of a better partner for one of our campus’ best facilities,” UCF President John C. Hitt said.
The agreement will span seven years and be worth $3.95 million. The money will go toward the Knights Plaza project debt and will be paid annually from 2013 to 2019.
The Arena will be officially named the CFE Federal Credit Union Arena or the CFE Arena during the term of the naming rights agreement.
"The project will start this summer with signage and so forth going up,” Vice President for Alumni Relations Robert Holmes said during Thursday's meeting. "The other thing is that in exhibiting the sense of partnership is they have been giving $25,000 a year in scholarships. They intend to continue that. They reach well beyond the commitment in the Arena name.
“That’s pretty exciting.”
Holmes mentioned plans to open a CFE Federal Credit Union branch in the Arena. Holmes mentioned space for the branch on East Plaza Drive.
“Our aim really as a financial institution is to make sure students don’t get in debt," said CFE Federal Credit Union CEO Joseph Melbourne. "Hopefully, through a long-term relationship, we will be with them when they buy their first house and their first car.
“I think it’s going to be an extremely profitable, I shouldn’t say profitable, but a good relationship for both [parties].”
The branch located inside the Arena will be the fourth on or near the UCF campus and will include a lounge area for visitors. Along with the branch, ATMs will be installed in the Arena.
"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 in a release. "We want to create a cafe vibe with a comfortable lounge area and a self-service coffee bar. ... The space will also be used to provide money-management coaching and training for students."