- Why it matters: U.S. Bancorp is deepening its relationship with the nation's biggest sports league in an arrangement that will shine a light on the bank during the Super Bowl.
- Supporting data: The Minneapolis-based company's NFL links date back to 1961, when it became the Minnesota Vikings' official bank.
- Expert quote: "We're a much more significant institution than maybe we were giving ourselves credit for." Chief Marketing Officer Michael Lacorazza
Minneapolis-based
In signing on as the NFL's official bank, U.S. Bank fills the gap left by Visa, which terminated a longstanding relationship with the league in March. Under that arrangement, Visa controlled the primary sponsorship and served as the NFL's official payments partner, while allowing the Charlotte, N.C.-based Truist to sublet the official bank title.
Terms of the agreementwere not disclosed.
Sports sponsorships play a pivotal role in U.S. bank's marketing strategy. In addition to links with the Vikings and 49ers, U.S. Bank serves as official bank of the National Basketball League's Minnesota Timberwolves and Los Angeles Clippers and of Major League Baseball's Minnesota Twins. It owns the naming rights to the Vikings' U.S. Bank Stadium.
But the agreement with the NFL — U.S. Bank's biggest-ever sponsorship package — pushes the company to a pinnacle in the space, according to Chief Marketing Officer Michael Lacorraza. It provides U.S. Bank with unmatched access to a broad-based national audience, Lacorazza told American Banker.
"For us, this partnership is a strategic milestone that helps put the brand at the forefront of American culture," Lacorazza said. "There isn't anything like the NFL, where you can live at the intersection of passionate fandom around a sport."
"We're thrilled to deepen our collaboration in transformative ways," CEO Gunjan Kedia said in a press release.
As its centerpiece, the deal makes U.S. Bank the presenting sponsor of the Super Bowl Most Valuable Player award beginning with Super Bowl LXI in February 2027. But Lacorazza said U.S. Bank plans to start leveraging its new official-bank status almost immediately. It will be active during the NFL Draft, from April 23 to April 25, and during the spring flag-football season.
"Having the draft be an April event, then getting into flag football, it's a great jumpstart for us," Lacorazza said.
The deal also includes a significant wealth and financial education component. U.S. Bank plans to offer players guidance on cash flow, saving, investing and entrepreneurship through a newly launched Financial Edge program. U.S. Bank named University of Indiana quarterback Fernando Mendoza, the likely number-one overall draft pick, to serve as the program's face as chief financial playmaker.
"I think [Financial Edge] was one of the reasons we were such a good fit for the NFL and maybe why they liked us," Lacorazza said. "We can help bring that expertise to the table for their players."
"The work we will do together, especially around financial education expertise, will empower individuals at every stage of their financial journey and specifically help our players to succeed long after their careers on the field have ended," NFL Chief Revenue Officer Renie Mendoza said in the press release.
Other banks, including some smaller institutions, have sought to build businesses advising professional athletes. Brandon Ghee, who played in the NFL for the Cincinnati Bengals and Tennessee Titans, helped the $2.44 billion-asset Cogent Bancorp in Orlando, Florida,
Lacorazza said he views the NFL sponsorship as a means to help propel U.S. Bank beyond its legacy reputation as a "friendly Midwestern retail institution," and shine a brighter light on its national capabilities in payments, commercial and corporate lending, wealth management, capital markets, mortgages and other business lines.
"We're a much more significant institution than maybe we were giving ourselves credit for," Lacorazza said.
