The home of the Midland RockHounds (Class AA; Texas League) will have a new name of Security Bank Ballpark come Jan. 1, 2014, once the current naming-rights deal with Citibank expires.
The naming-rights deal is pretty major: 25 years, $3.6 million, with the first year costing the bank $120,000. It’s the third name for the ballpark: it opened as First American Bank Ballpark and then transitioned to Citibank Ballpark after the original bank was bought out in 2005. It sounds like a good fit for the team and the market, with Security Bank being a local business, according to mywesttexas.com:
In contrast to Citibank’s multinational presence, Security Bank is primarily located in the Permian Basin and San Antonio areas. Bobby Norman, energy division president of Security Bank, said buying the naming rights to the ballpark is a marketing opportunity because of the stadium’s and Midland RockHounds’ visibility to the public.
“We just want to give something back to the community that supports us,” Norman said. “We want to be good corporate citizens.”…
For the first five years, Security Bank will not be allowed to exit the naming rights contract, Jauz said. During years six to 10, it may exit with a fee. For the remaining years of the contract, Security Bank may exit without a fee, but it would have to give a notice at least one year ahead if it wants to terminate its contract, just as Citibank gave a one year notice.
The naming-rights deal was approved last night by the City Council.
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