Allegacy Federal Credit Union (Winston-Salem, NC) purchased the naming rights to a Center at Wake Forest University.
The credit union will pay $2 million over 10 years for the naming rights to the School of Business Center for Leadership and Character.
The Center will now be called the Allegacy Center for Leadership and Character.
Read more.
As you continually B&M about credit unions sponsoring important centers and activities in their communities, then why are not the local community or national banks stepping up and meeting these needs? Besides the help in meeting CRA requirements and getting a tax deduction for the donations, it would make sense in giving back to their communities.
ReplyDeleteThat's right. A significant number of community banks have sold their business to larger, less local owners. This allows the owners of the community banks to make a profit on the investment (a good thing) but takes away local incentives for community involvement. Credit unions are stepping up and filling that void.
BTW, look at Los Angeles for a example of this. A large number of key banks have been purchased and ownership decisions are made elsewhere in the US or around the world (Japan, Canada, Taiwan to name a couple). It has hurt the overall Los Angeles community for involvement and participation.