Kudos FFL!
This ran in Crain's Cleveland Business, December 2012, and was written by our friend Joel Hammond.
Lakewood City Schools will get a $320,000 cash infusion in a new partnership with First Federal Lakewood through which the venerable bank will receive naming rights to Lakewood Stadium for 10 years.
The stadium, now First Federal Lakewood Stadium, seats approximately 7,500 people. It principally plays host to Lakewood High School football and soccer games and track and field meets, but it also is home to Lakewood St. Edward football games and select high school football playoff games. The venue is generally known as one of the nicest in the area.
“First Federal Lakewood is a well-established, longtime civic supporter of many organizations and events in Lakewood and we are thrilled that they have now put their support behind Lakewood City Schools in a major way,” schools superintendent Jeffrey W. Patterson said. “We are grateful for their partnership and look for the opportunity to replicate this type of agreement with others in the future.”
First Federal signage should be in place by the spring track season. The agreement also includes the bank's name and logo in both end zones and on the scoreboard, concession stands, press box, a wall facing busy Bunts Avenue and all entrances.
“As a community bank headquartered in Lakewood since we were founded in 1935, we have a rich tradition of supporting the communities we serve,” said Gary R. Fix, president and CEO of First Federal. “This partnership with the Lakewood City Schools is an excellent opportunity for us to deepen our commitment to the Lakewood community, support programs and facilities that will positively impact the lives of Lakewood students and athletes for years to come.”
The school system said in a news release that the partnership is in direct response to the district receiving less state money and property tax collections due to a still-recovering economy. The bank will pay the district $32,000 per year.
“We are trying to find creative ways to supplement public education,” Mr. Patterson said. “It is one of the things our residents asked for in our community meetings last year — to find different revenue sources.”
