Major CT arena gets new name. With it comes big name recognition for a local business.

Yahoo

2 days ago

For only the second time in its 50-year history, downtown Hartford's sports and entertainment complex has a new name.
It's PeoplesBank Arena.
The former Hartford Civic Center will shed its XL Center name — the identity of the 16,000-seat arena since 2007 — effective immediately, as part of a multi-year naming rights agreement with the Holyoke, Mass.-based community bank which has been expanding in Connecticut.
Terms of the agreement weren't disclosed, in a release. But the value of the XL Group naming rights ranged from $450,000 to $500,000 a year. XL's rights contract expired about a year ago but its name has remained on the venue.
'PeoplesBank's deep-rooted commitment to putting people and communities first perfectly aligns with our purpose-driven mindset that fuels everything we do at Oak View Group, said Peter Luukko, co-chairman of the Denver-based sports and entertainment group. 'This partnership is more than naming rights — it's a shared vision to deliver dynamic experiences, elevate the fan journey and create lasting impact where it matters most: in the communities we serve.'
The name change comes at a critical time in the history of the Hartford arena.
The venue opened in 1975 and was rebuilt after a devastating roof collapse three years later, expanding its seating capacity. The arena is now in the midst of a long-debated, $145 million renovation that is aimed at reshaping the arena with amenities offered by newer competitors and reversing a money-losing track record at the state-run venue, typically $2 million.
OVG, which runs the day-to-day operations of the arena, will contribute $20 million to the project.
This summer, the arena is closed so the majority of the renovations — focused primarily on the lower half of the venue — will kick into high gear. It is hoped that the majority of the work will be completed by the fall, in time for the start of the college basketball season.
The renovations will include new seating options — including the addition of five bunker suites and loge seating — that are seen as boosting ticket sales and could help nearly triple the number of concerts booked each year, key money makers for modern arenas.
PeoplesBank is a relatively new name in Connecticut and may not have been the obvious choice for the arena's name.
Seven years ago, the community bank — with no connection to Bridgeport-based People's United Bank, acquired by M&T Bank in 2022 — made its first move into Connecticut branch banking, buying a small Suffield bank. Now it has five branches — its West Hartford office serving as the headquarters for the region. The bank also has confirmed plan to open branches in Hartford and New Britain.
Tom Senecal, the bank's chairman and chief executive, said the bank's community focus is strengthened by its mutual bank structure, meaning the institution is essentially owned by its depositors and not shareholders or Wall Street. The bank will not be bought or sold, Senecal maintained, and will remain an independent institution.
'We believe that gives us a competitive advantage in this state, which is dominated by national banks, but yearns for the service, stability and local decision-making that is the hallmark of community banks,' Senecal said, in a release. 'We believe in Hartford, and Hartford's promising future, and we look forward to participating in the economic rebirth and growth of the arena neighborhood, the city of Hartford and the state of Connecticut.'
Michael W. Freimuth, executive director of the Capital Region Development Authority, which has the overall responsibility for the arena's operations, said PeoplesBank has become an increasingly active partner with CRDA in financing housing projects in the Hartford area.
'Adding their name to the civic center is further affirmation of their commitments to the central Connecticut marketplace while helping to refresh one of our premier entertainment venues,' Freimuth said, in a release.
It is increasingly common that financial services firms involved in mortgages, insurance and other loans are interested in promoting their brands with venue naming rights. Technology companies and national retailers also are interested in lending their name to arenas.
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Kenneth R. Gosselin can be reached at [e-mail].