SAN DIEGO–California Coast Credit Union will reportedly replace San Diego Metropolitan Credit Union as a “city sponsor” with the City of San Diego.
The corporate sponsorship deal could be valued at $2.5 million over the next five years, according to the San Diego Union Tribune. That program generates approximately $1 million a year in revenue and benefits for the city.
Other corporate sponsors include Toyota, Sprint, Canteen Vending, Service Line Warranties of America, and Cardiac Science Corp., according to the Union Tribune.
The Union Tribune reported that the deal with California Coast, which has been approved by the City Council’s Budget Committee last week, would provide $650,000 cash over the next five years plus services for employees and the community with an estimated valued of nearly $2.5 million.
In exchange, California Coast would become the “Official Financial Partner” of the city of San Diego and receive exclusive rights to market services to city employees and retirees, and be included in publicity for city-sponsored community programs.
The Union Tribune reported that the city’s deal with San Diego Metropolitan Credit Union, which expired in August, was less lucrative and less beneficial to city employees and the community, with the CU paying the city $25,000 per year.
As part of the deal, the Union Tribune said California Coast will also conduct free financial seminars for employees, waive membership fees, provide special low-interest loans and support recognition events and health fairs for city workers.