Maryland's largest credit union is paying $11 million for the naming rights to University of Maryland's stadium.
The current Capital One Field at Maryland Stadium will become SECU stadium, after SECU (State Employees Credit Union) and University of Maryland, College Park, announced a partnership last week.
The name of SECU Stadium will debut Oct. 1 for the Terps' Big Ten home opener against Michigan State, said Maryland Athletics.
SECU and UMD will partner for 10 years. During that time, SECU is promising to give $11 million to the university, including $2.5 million to support programs and facilities like building the Barry P. Gossett Basketball Performance Center. Maryland Athletics also expects to get another $300,000-$400,000 annually from the agreement. SECU will be the official banking partner of the Terrapins, will help do financial workshops on campus, and will help create a new financial literacy course for all students.
Capital One agreed to give up its naming rights, which had been set to run through 2032. SECU is based in Linthicum and has 25 financial centers.
The new agreement was made possible when Capital One agreed to relinquish its naming rights, which were scheduled to run through 2032.
Darryll J. Pines, university president, said in a statement:
"SECU is a longstanding stalwart corporate citizen of the state of Maryland and the University of Maryland is thrilled to be partnering with them on a wide-range of initiatives that will benefit not just Maryland Athletics, but our entire campus community."
