Simmons Bank has acquired the naming rights for the Verizon Arena in a $10.5 million deal.
The Pine Bluff-based bank will hold the naming rights for the 18,000 seat arena for 15 years, according to a press release. The arena is set to be renamed in 2019.
In a press release, Simmons First National Corporation Chairman and CEO George Makris praised the arena for the entertainment options it offers Arkansas residents and for the economic impact it makes on the region. According to Makris, sponsorships have become a powerful method of marketing and branding organizations, and sponsoring the Verizon Arena is a way to reach increased numbers of consumers.
“This is an exciting opportunity for Simmons Bank, and we are proud to be associated with an organization that does so much for our economy, while providing some of the best entertainment in the region,” George Makris, Simmons First National Corporation Chairman and CEO, says. “Sponsorships are an increasingly important component of our marketing strategy, and naming rights opportunities have only grown in value. It’s a wonderful channel to engage consumers.”
Since opening in 1999, the Verizon Arena hosted artists ranging from Taylor Swift to the Rolling Stones. Approximately 400,000 patrons visit the Arena each year. Pollstar Magazineplaces the Arena in the top 35 arenas in the U.S. and top 70 worldwide.
“We are very excited about having Simmons Bank as our new naming rights partner,” Rhett Tucker, Chairman of the Arena Board, says. “Their investment in our Arena will allow us to make improvements and continue to bring top quality events to Arkansas.
“This is a great day for the Arena. This partnership will keep our building updated and ready for the future. We look forward to making great music together,” Michael Marion, Arena General Manager, says.
Image courtesy of Verizon Arena website