SunTrust Banks in Atlanta has signed a 25-year deal for the naming rights to the new Atlanta Braves stadium.
The financial terms of the deal were not disclosed. The agreement will put the SunTrust logo at the top of the Braves' new home in the northwest suburbs, as well as on an adjoining commercial development that will include restaurants and offices. The stadium, which will be called SunTrust Park, is scheduled to open in 2017.
"Atlanta is our headquarters and our hometown, and we've had a great partnership with the Braves for a number of years," Brad Dinsmore, an executive vice president at the $178 billion-asset bank, said in a phone interview Tuesday. "This is going to be an important part of the greater Atlanta community."
The announcement, which was made at a groundbreaking ceremony for the new stadium Tuesday morning, comes as the Braves cling to fading playoff hopes. The team, with a 75-75 record for the season, is 4 1/2 games out of the last wildcard spot with just a couple weeks left on the schedule.
"Look, the Braves have been one of the great franchises for a long time, and the season is not over yet," Dinsmore said. "I personally hope that this announcement will give them a shot in the arm."
As part of the agreement, the SunTrust Foundation will also contribute $100,000 to the Hank Aaron Chasing the Dream Foundation, a nonprofit in Atlanta that provides financial assistance to young people.