Bank One has signed a five-year deal to continue its sponsorship of University Athletics.
Herb Vincent, senior associate director of athletics, said the contract extension is for $505,000 a year for five years.
Vincent said the University has several corporate sponsors, and Bank One is the official bank corporate sponsor.
Vincent said corporate sponsors pay the University for such things as signing and promotional events.
Other corporate sponsors of LSU Athletics include Eatel, McDonalds, Coca-Cola, Powerade, Winn-Dixie, the Louisiana Lottery, Farm Bureau Insurance and Abita Springs Water.
“Corporate sponsors provide a lot of funding to LSU athletics,” Vincent said.
According to the LSU Foundation Web site, Bank One of Louisiana also has been named a Silver Sponsor for donating at least $1 million to the foundation.
Chris Spencer, Bank One regional spokesman, said the two main benefits of Bank One sponsoring LSU Athletics are name recognition, image building and the opportunity to access LSU season ticket holders and sign them up for Bank One services.
Spencer said the major change in the contract extension is that Bank One does not need as many tickets to athletic events.
“When the original contract was signed in 1998, we pursued corporate sponsorship with LSU because Bank One was new to Louisiana,” Spencer said.
Spencer said after reviewing various sites and events across the state, Bank One chose the University because LSU Athletics had the strongest name recognition across the state.
“With several athletic events throughout the year, there are continuing opportunities to expose the Bank One name and sign more customers,” Spencer said.
Spencer said Bank One’s strategy has changed somewhat with the new contract extension.
“We are focusing more on signing more customers and focusing less on getting the Bank One name out,” Spencer said.
Vincent said he enjoyed the Athletic Department’s association with Bank One.
“We have a great relationship with Bank One,” Vincent said. “I think our corporate sponsors benefit because LSU and LSU Athletics are thought of positively.”