Come Sunday afternoons this fall, fans tuning in to Browns games in Cleveland on television will see a new name on the stadium , one that Huntington Bancshares says will give the Columbus-based bank nationwide exposure as it continues to expand across the country.
The bank and the club last week announced that the stadium will be called Huntington Bank Field for the next 20 years, whether the Browns play at their current stadium in Cleveland or one in suburban Brook Park where Browns owners Jimmie and Dee Haslam have proposed building a new one.
"It's a great way to drive awareness of the Huntington brand at a national level," said Brant Standridge, Huntington's consumer and regional banking president.
Every Browns game at home draws between 12 million and 16 million viewers, Standridge said.
Prime time games draw more. Last Sunday afternoon's season opener at home against Dallas, for example, drew 23.8 million fans, according to Fox Sports, which broadcast the game nationwide.
The move with the Browns comes as Huntington expands its brand farther and farther from its Midwest roots.
For years, the bank has been among the biggest small business lenders in the country, according to the federal Small Business Administration.
The bank made 7,325 SBA loans in the last fiscal year for nearly $1.4 billion, SBA data show. The number of loans was nearly twice that of the next biggest lender, TD Bank.
Last week, the bank announced it will open 55 offices in the Carolinas . In 2021, the bank bought TCF National Bank in a deal that extended the bank's footprint to Minnesota and Colorado.
And the bank has extended its commercial banking operations to Texas this year.
The deal between the bank, CEO Steve Steinour and the Haslams moved quickly. The family approached the bank in July during the week of the Major League Soccer All-Star Game at Lower.com Field in Columbus, Standridge said. The bank owns naming rights for the Huntington Field Club, a premium seating area, at Lower.com Field.
"We had a discussion as a management team. It's really a great opportunity for Huntington," Standridge said.
How big of a market is Cleveland for Huntington?
Cleveland is a significant market for the bank, where it is a second in total deposits behind Cleveland-based KeyBank , according to the Federal Deposit Insurance Corp. data.
Key had 47.4% of the market share of the Cleveland area while Huntington had 11.5% as of June 30, 2023.
Huntington had 80 offices as of that date in northeast Ohio, more than any other bank. By comparison, Key had 61.
In nearby Akron, Huntington had 27.9% share of the area's deposits and 27 offices, more than any other bank.
"Northeast Ohio is a big market for us," Standridge said. "We have a huge presence there."
Huntington isn't new to naming rights for stadiums
This is by no means the first time that Huntington has bought the naming rights to a stadium or other buildings.
Look no further than where the Clippers play at Huntington Park in Columbus. It has the naming rights of Huntington Convention Center of Cleveland, the University of Minnesota Huntington Bank Stadium and the multipurpose Huntington Center in downtown Toledo.
The bank has other NFL sponsorships such as in Indianapolis where Huntington is the official bank for the Colts, along with affiliations with the NBA's Cavaliers and Pistons and the Blue Jackets of the NHL, and several other universities.
How much do naming rights costs?
Huntington won't say how much it is paying for the naming rights to the Browns stadium.
Similar stadium deals for major sport leagues can run $12 million to $15 million a year, said Brian Baurdeau, professor of marketing strategy at Auburn who has studied the issue of naming rights for stadiums.
While they cost millions of dollars, naming rights are a small part of the revenue a team generates each year, he said.
By comparison, Browns quarterback Deshaun Watson makes $230 million over five years.
In the NFL, the rights can be particularly valuable, Baurdeau said.
There are 32 NFL franchises and four teams share two stadiums. Two teams haven't sold their naming rights.
"The exposure you get is worth millions and millions of dollars," he said, given the exposure on television, tickets and the interaction the brand has with the team's fans.
"For a company that is expanding, that's a big bonus," he said. "It makes them look like a big player."
mawilliams@dispatch.com
@BizMarkWilliams
NFL stadium naming rights bought by financial and insurance companies:
- Arizona Cardinals -- State Farm
- Baltimore Ravens -- M&T Bank
- Carolina Panthers -- Bank of America
- Cleveland Browns -- Huntington Bancshares
- Denver Broncos -- Empower
- Jacksonville Jaguars -- EverBank
- Kansas City Chiefs -- GEHA
- Los Angeles Rams/Chargers -- Sofi
- Minnesota Vikings -- U.S. Bank
- New York Giants/Jets -- MetLife
- Philadelphia Eagles -- Lincoln Financial
- Pittsburgh Steelers -- Acrisure
- Tampa Bay Buccaneers -- Raymond James Financial
- Washington Commanders -- Northwest Federal
This article originally appeared on The Columbus Dispatch: Naming rights to Cleveland Browns stadium will give Huntington Bank national exposure
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