Union First Market Bank is hoping that college football season will help its presence in new territory. Photos courtesy of Virginia Tech IMG Sports Marketing.
Richmond’s biggest bank is betting on college sports and academics to bolster its brand in the western part of the state.
Union First Market Bank announced a sponsorship agreement with Virginia Tech last week that gives the $7 billion bank visibility at Hokies sporting events, including prominent signage at football games in the school’s 65,000-seat Lane Stadium.
The Union brand is now featured on new signage in one of the stadium’s four main gates and concourse plaza. The athletic sponsorship began with the current football season, which started Saturday with a home victory over William & Mary.
The deal further includes naming rights to Virginia Tech’s radio halftime show for football and basketball. And its brand will be featured on the weekly television show “Virginia Tech Sports Today”.
Neither side would comment on financial specifics of the athletics sponsorship deal, saying only that it was a multi-year agreement. Brandon Forbis, general manager of IMG College, the company that manages athletics sponsorships and multimedia rights for Virginia Tech, said IMG typically targets deals that last three to five years.
Union is also banking on Virginia Tech’s brains in addition to its brawn.
The bank, as part of its deal with the school, gave a financial gift to endow a new faculty position, the Union Junior Faculty Fellowship in Entrepreneurship.
Football fans entering the stadium will pass by Union’s new marketing strategy.
Union will also be part of a forthcoming business plan competition run by the school’s Center for Business Innovation and Entrepreneurship.
Union spokesman Bill Cimino said the bank agreed to put up $300,000 over three years for the endowment.
The bank’s need for increased visibility in that part of the state comes from its takeover earlier this year of StellarOne Bank, which had been one of the biggest community banks operating in that market.
“Union has the largest market share of any bank in that market, and this is one way to expand our presence in that area,” said Cimino, a Virginia Tech graduate.
While this is its first time aligning with Virginia Tech, Union has sought branding at other sports programs around the state. It has a sponsorship to be the official bank of the University of Virginia football team and has signage in UVA’s Scott Stadium. It also has athletics sponsorships with University of Richmond, Virginia Commonwealth University, James Madison University and the College of William & Mary.
Forbis said the agreement with Union was signed within the last 30 days.
This is the first year Virginia Tech has sought to land sponsors for the four main gates of Lane Stadium. Union is the first to sign on for that package, Forbis said.
IMG handles sports branding deals for about 80 schools around the country, including University of Richmond.
Forbis said it’s rare to see a corporate sponsorship deal that includes both an athletic and academic component.
“This was the first time we’ve really partnered with a company on a marketing and philanthropic partnership,” he said.
Several other Richmond-based enterprises have branding deals with Virginia Tech athletics, including the Virginia Lottery, Virginia Farm Bureau, Virginia529 College Savings Plan and Container First Services in Petersburg.
But to market to a mass audience in the Blacksburg area, Hokie football is about as close as it gets to the biggest game in town.
“We feel like we’re the biggest brand with the biggest following in the state,” Forbis said.
Union First Market Bank is hoping that college football season will help its presence in new territory. Photos courtesy of Virginia Tech IMG Sports Marketing.
Richmond’s biggest bank is betting on college sports and academics to bolster its brand in the western part of the state.
Union First Market Bank announced a sponsorship agreement with Virginia Tech last week that gives the $7 billion bank visibility at Hokies sporting events, including prominent signage at football games in the school’s 65,000-seat Lane Stadium.
The Union brand is now featured on new signage in one of the stadium’s four main gates and concourse plaza. The athletic sponsorship began with the current football season, which started Saturday with a home victory over William & Mary.
The deal further includes naming rights to Virginia Tech’s radio halftime show for football and basketball. And its brand will be featured on the weekly television show “Virginia Tech Sports Today”.
Neither side would comment on financial specifics of the athletics sponsorship deal, saying only that it was a multi-year agreement. Brandon Forbis, general manager of IMG College, the company that manages athletics sponsorships and multimedia rights for Virginia Tech, said IMG typically targets deals that last three to five years.
Union is also banking on Virginia Tech’s brains in addition to its brawn.
The bank, as part of its deal with the school, gave a financial gift to endow a new faculty position, the Union Junior Faculty Fellowship in Entrepreneurship.
Football fans entering the stadium will pass by Union’s new marketing strategy.
Union will also be part of a forthcoming business plan competition run by the school’s Center for Business Innovation and Entrepreneurship.
Union spokesman Bill Cimino said the bank agreed to put up $300,000 over three years for the endowment.
The bank’s need for increased visibility in that part of the state comes from its takeover earlier this year of StellarOne Bank, which had been one of the biggest community banks operating in that market.
“Union has the largest market share of any bank in that market, and this is one way to expand our presence in that area,” said Cimino, a Virginia Tech graduate.
While this is its first time aligning with Virginia Tech, Union has sought branding at other sports programs around the state. It has a sponsorship to be the official bank of the University of Virginia football team and has signage in UVA’s Scott Stadium. It also has athletics sponsorships with University of Richmond, Virginia Commonwealth University, James Madison University and the College of William & Mary.
Forbis said the agreement with Union was signed within the last 30 days.
This is the first year Virginia Tech has sought to land sponsors for the four main gates of Lane Stadium. Union is the first to sign on for that package, Forbis said.
IMG handles sports branding deals for about 80 schools around the country, including University of Richmond.
Forbis said it’s rare to see a corporate sponsorship deal that includes both an athletic and academic component.
“This was the first time we’ve really partnered with a company on a marketing and philanthropic partnership,” he said.
Several other Richmond-based enterprises have branding deals with Virginia Tech athletics, including the Virginia Lottery, Virginia Farm Bureau, Virginia529 College Savings Plan and Container First Services in Petersburg.
But to market to a mass audience in the Blacksburg area, Hokie football is about as close as it gets to the biggest game in town.
“We feel like we’re the biggest brand with the biggest following in the state,” Forbis said.