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George Mason University sells Patriot Center naming rights

May 7, 2015, 6:09am EDT Updated May 7, 2015, 6:11am EDT

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Education

Bid farewell to the Patriot Center. Say hello to EagleBank Arena.

EagleBank has agreed to invest nearly $7 million in George Mason Universityover the next decade in return for the naming rights to the Northern Virginia institution's 10,000-seat arena.

The 30-year-old Patriot Center in Fairfax, as of July 1, will be renamed EagleBank Arena, school and bank officials will announce Thursday. The partnership provides for a minimum $6.6 million commitment by EagleBank in GMU over 10 years, and potentially as much as $13.7 million over 20 years if the partnership is extended.

Ron Paul, chairman and CEO of Bethesda-based EagleBank (NASDAQ: EGBN), said the alliance with Virginia’s largest public university is core to his bank’s six-year effort to broaden its reach in the Northern Virginia market, while simultaneously giving back to the community. It builds on Eagle Bancorp Inc.’s 2014 acquisition of Virginia Heritage Bank, which substantially increased EagleBank’s assets and its Northern Virginia footprint.

“EagleBank is very excited to be partnering with such a prominent institution as George Mason," Paul said, "and furthering our commitment to give back to the Northern Virginia community that’s become so important to us.”

Among major Washington area universities, only the University of Maryland has naming rights sponsors for its major athletic facilities, with the Xfinity Center (Comcast) and Capital One Field at Byrd Stadium. George Mason's enrollment of nearly 34,000 students is only a few thousand shy of the University of Maryland at College Park. 

EagleBank approached GMU about the partnership, Paul said, and it didn’t take long to reach agreement on a dollar figure and other aspects of the deal. Those include EagleBank’s sponsorship of business leadership development programs and an annual internship/apprentice program, where qualified Mason students will participate each semester in EagleBank operations. Bank executives also will serve as a consultant to GMU’s master’s in Real Estate Development program.

“This is a landmark moment for George Mason University and EagleBank,” Mason President Ángel Cabrera said in a statement. “Our shared vision goes beyond the financial contribution that will benefit so many people. This is about a relationship between two great institutions that have a stake in the community and are investing in the future for our region.”