BANGOR, Maine — Bangor Savings Bank became the third entity to sign on as a founding partner of the Cross Insurance Center, the bank announced at a press conference Monday morning.
The sponsorship deal will cost Bangor Savings $455,000 over a seven-year period, or $65,000 per year. In return, the 160-year-old bank will have marketing materials in the facility, a 16-seat luxury box, preferred pricing for the facility when it’s available, and other benefits.
“As a company, we’ve been here since 1852. We employ 700 people in the state of Maine. Any little bit that can contribute to economic vibrancy in the state of Maine is going to help our bank,” Bangor Savings President and CEO Jim Conlon said.
After the announcement, Bangor Savings Bank leadership and board members toured the facility alongside officials from the city and other area agencies and businesses, including Eastern Maine Development Corp. and Cianbro.
Conlon said the marketing partnership would make the bank more visible in the community and to visitors who will be drawn to the arena.
“Bangor is our home, and the city and its residents are deserving of this modern, beautiful entertainment center and arena,” Conlon said, adding that the bank was “very pleased and very proud to support this venture.”
Officials behind the arena credited Bangor Savings for being a stalwart supporter of the project.
Mark Woodward, co-chairman of Friends of the Arena and former Bangor Daily News executive editor, said Bangor Savings Bank has helped push the arena effort forward, including its support through an economic impact study when the project was attempting to get off the ground.
“No other business has done more to support community in its quality of life than has Bangor Savings Bank,” Woodward said.
Brewer signed a similar agreement early this month. The Bangor Daily News joined as the second founding partner on Dec. 12. There are five founding partner slots left open.
The $65 million arena will host concerts, sports and other special events. It will have a capacity of 8,000 for concerts and will also have an adjacent convention center with a large ballroom, pre-function space, and meeting rooms.
Andi Vigue, president and chief operating officer of Cianbro, said his company vowed to complete the project safely, on time and on budget. So far, Cianbro and the 200 workers have accomplished all three, he said.
Vigue said the project is ahead of schedule, in part thanks to a mild winter last year that allowed the company to accomplish some work before it expected.
“Not only will [Bangor Savings’ investment] help ensure that the building will get completed, but it will ensure that this facility is successful long into the future,” Vigue said.