UConn and Webster Bank team up
Published: Monday, September 10, 2012
Updated: Monday, September 10, 2012 23:09
UConn Associate Athletic Director Michael Enright cited financial benefits for the university as the greatest benefit of the new partnership between UConn and Webster Bank. The contract creating the partnership is officially between Webster Bank and IMG Sports, a college sports management company that holds the sponsorship rights for UConn.
The contract primarily concerns UConn athletics and the alumni association, and thus most visibly affects those areas of the UConn community. As a result, Webster Bank will have ATMs and signage at sports facilities. Webster Bank signs can already be seen at Rentschler Field, and ATMs have been installed at Gampel Pavilion.
For Webster Bank, the partnership marks a potential for member expansion, as the bank will be offering banking services targeted at UConn students and alumni. Webster will have UConn-branded debit and credit cards, as well as other offerings, such as Husky eBanking, tailored for members of the UConn community.
“It’s just that, a partnership, there’s a financial element, and we want to be associated with first-class institutions,” said Enright.
In addition, Webster has made a large donation to the construction of the new 70,000-square-foot UConn Basketball Development Center, which will be adjacent to Gampel.
Jerry Plush, Webster Bank president and COO, said in an email that Webster went forward with the agreement due to the large benefits that come from an affiliation with an institution like UConn. He said, “The partnership provides Webster with unique opportunities to reach hundreds of thousands of UConn students, alumni, employees and fans and show them how our Type W bankers and products can help them achieve their financial goals, and at the same time, have fun showing their Husky pride with an array of UCONN-branded product offerings.”
Plush added that he expects the relationship between UConn and Webster to grow as the initial five years of the agreement progress. He said, “We expect (and are already seeing) strong affinity between our organizations – the response to the announcement and initial rollout of products has been very positive.”
There is a guaranteed option for five additional years in contract after the initial five.
This agreement with Webster Bank will not affect the branch of People’s Bank on campus, as People’s Bank has a lease with the Co-op and therefore is completely separate from this contract. Webster Bank will be hosting on-campus events where students can learn more about the bank and the customized services it will offer.
Webster Bank, UConn and IMG College declined comment on specific details of the contract, including the exact amount of money donated to the basketball development center.