Boise State University’s student union building will carry a new name after state education officials approved a naming rights agreement with an Idaho credit union worth more than $8.5 million.
The State Board of Education signed off last week on a plan to rename the facility the Boise State University Westmark Student Union Building. The 10-year agreement with Westmark Credit Union will also allow the financial institution to open a branch inside the building.
Financial Terms and Partnership Details
Under the agreement, Westmark Credit Union will pay Boise State more than $8.5 million over the course of a decade for naming rights to the student union. The Idaho-based credit union will gain prominent branding on one of the campus’s most heavily trafficked facilities while establishing a physical presence to serve students and staff.
Boise State interim President Jeremiah Shinn said in a university statement that Westmark Credit Union brings a commitment to education and community that fits with the university’s mission.
Westmark Credit Union President and CEO Mike Schenck said in the release that the partnership advances the credit union’s mission to support financial well-being by providing accessible financial guidance and education where people need it.
How Boise State Selected a Partner
Before finalizing the Westmark agreement, Boise State hired a consultant to evaluate partnership opportunities. That review included comparing the university’s assets against peer institutions across the country to determine appropriate market value for naming rights.
The State Board of Education gave preliminary approval to the Boise State-Westmark partnership in February before granting final approval last week.
About Westmark Credit Union
Westmark Credit Union was founded in 1954 and currently operates 15 branches throughout Idaho. The credit union serves approximately 80,000 members across the state.
The new branch inside the student union will provide Westmark with direct access to Boise State’s student population, while giving students convenient on-campus banking services.
What Comes Next
Boise State will begin implementing the name change across campus signage and materials as the partnership officially takes effect. The Westmark branch inside the student union building is expected to open in the coming months, though the university has not announced a specific timeline for the branch launch or completion of new building signage.