Simmons Bank announced Friday it is in advanced negotiations and expects to reach an agreement for naming rights to Liberty Bowl stadium in Memphis, a branding opportunity that promotes the Arkansas bank's expansion in the key Memphis and Nashville markets.
An agreement with the city will rebrand the stadium as Simmons Bank Memorial Stadium.
"With the continued reinvestment surrounding the Liberty Bowl and many other areas across the city, Simmons Bank is proud to partner with the City of Memphis to ensure the future of this historic stadium which represents a critical element of this important renaissance project," George A. Makris Jr., chairman and chief executive officer of Simmons, said in a news release.
Contract details were still being finalized and financial information was not available Friday.
"I couldn't be happier with this public/private partnership that will allow us to enhance the overall fan experience at the stadium and will tie in perfectly with the $126 million Liberty Park development right next door," Memphis Mayor Jim Strickland said in the news release.
The stadium, opened in 1965 as a memorial to U.S. war veterans, is home to the University of Memphis football team and the post-season Liberty Bowl is played there every year featuring top teams from across the nation.
Simmons' investment will help refurbish the stadium and spotlight its role in honoring veterans, Makris said.
"We want to make sure we perpetuate that memorial stadium concept going forward," he added.
Naming rights to the facility highlights Simmons' expansion in Tennessee, where it will become the state's eighth-largest bank upon closing the purchases of Landmark Community Bank and Triumph Bancshares Inc. on Friday. In June, Simmons First National Corp., parent company of Simmons Bank, announced $278 million in agreements to purchase the two Tennessee community banks.
"With our newfound presence in Memphis, this makes good sense," Makris said Friday of the stadium deal. "I'm a big believer in brand development and associating our brand with institutions in markets where we do business. When our brand can support an institution that's important to consumers in a market, then we make that automatic buy."
October is shaping up to be an active month for Simmons in Tennessee.
After the Oct. 8 closings, Simmons is scheduled to convert the two banks' operations the weekend of Oct. 9 and then open up as Simmons Bank on Oct. 12. Simmons Bank Memorial Stadium is expected to make its debut Oct. 14 in a nationally televised game between the University of Memphis Tigers and Navy Midshipmen.
This is not Simmons' first venture into naming rights and sponsorships.
In Arkansas, it sponsors Simmons Bank Arena in North Little Rock and Simmons Bank Field at the University of Arkansas at Pine Bluff football stadium, as well as a pavilion at the school's baseball field. In addition, Simmons has sponsorships affiliated with multipurpose arenas in Fort Worth and Union City, Tenn., and with PGA golfer Will Zalatoris, who was named the tour's rookie of the year.