Ballfield name will change, but how soon?
Just when people got used to seeing BB&T Bank at Bowman Field signs in and around the ballfield, another change is in store for fans.
SunTrust Banks and BB&T Bank Corp. are planning to merge, and may require signage changes should the bank’s name change, said William E. Nichols Jr., city finance director.
“It does mean that, but I don’t know how soon,” Nichols said of the impending proposed merger and likely change in signage at the ballfield. “That will have to happen and the bank will have to do it,” he said of any signage that would need to be changed.
The city gets $35,000 a year for the naming rights to Bowman Field, home of the Williamsport Crosscutters, a single-A
affiliate of the Philadelphia Phillies, Nichols said.
Bowman Field has carried signage that refers to it as BB&T Bank Park since 2018. At the time of the agreement with the city approved by City Council, the extension was good for two years.
Council is the body that approved the naming rights agreement, according to Jason Fitzgerald, president of Penn Strategies Inc., the city economic development consulting firm.
“I think the naming rights for the stadium could be worth more than what the banks are paying and I’d like to see a renegotiated contract for the sponsorship agreement,” Fitzgerald said.
“It is a heck of a deal the banks are getting,” Fitzgerald said. “It should be $100,000,” he said.
The banks don’t lack for funding, according to an article by the Insurance Journal.
The companies’ boards of directors have unanimously agreed to merge the two financial services firms in an all-stock merger of equals valued at approximately $66 billion.
Combined, the company will be the sixth-largest U.S. bank based on assets and deposits.
The combined company will operate under a new name and brand, which will be determined prior to closing.