U.S. Bancorp is singing the Minnesota Vikings' fight song, "Skol, Vikings!"
The $410 billion-asset company won the 20-year naming rights for the Minnesota Vikings' new football stadium in downtown Minneapolis.
U.S. Bank Stadium, as the $1.1 billion facility will be called, is set to open in 2016. The stadium will also host the NFL's Super Bowl in 2018 and the NCAA's Final Four basketball championship in 2019.
Financial terms of the deal were not disclosed. Media reports that have valued the deal at $220 million are inaccurate on the high end, a U.S. Bancorp spokesman said.
The Vikings currently play in a stadium named for another local financial institution, TCF Financial. While its new stadium is under construction, the Vikings play at TCF Bank Stadium, which is also the home of the University of Minnesota's football team.
U.S. Bank was already the Vikings' team sponsor. U.S. Bank is working on a marketing plan to support the naming rights announcement, and it will release the plan in coming weeks, the spokesman said.
Along with the naming rights deal, U.S. Bank and the Vikings also agreed to fund a $1 million program called "Places to Play," which supports youth sports and recreation facilities across Minnesota through annual grants of $250,000.
U.S. Bank also sponsors the NBA's Minnesota Timberwolves and Major League Baseball's Minnesota Twins.