In a move to get its name on the Cleveland Convention Center before this summer’s Republican National Convention, Huntington Bancshares is buying the rights from FirstMerit Corp.
Columbus-based Huntington is acquiring Akron-based FirstMerit in a $3.4 billion stock and cash deal announced in January. The transaction is expected to be completed in the third quarter of 2016.
Huntington had said it would take on all of the naming rights that FirstMerit had acquired, including a deal struck by FirstMerit last September with Cuyahoga County for the naming rights to the convention center.
The $10 million naming rights deal — $400,000 annually for 20 years with an inflation adjustment yearly — puts the name holder in the international spotlight because the convention center will be the media hub for the nearby Republican National Convention this July. However, Huntington’s name wouldn’t have been on the center in time since the proposed merger isn’t expected to be completed until later this year.
The banks announced Wednesday morning that Huntington, FirstMerit and Cuyahoga County have agreed that Huntington will take over naming rights for the convention center facility to prevent duplicative costs.
Effective immediately, the facility is known as the Huntington Convention Center of Cleveland.
The timing will enable long-term exterior signage to be installed by summer in advance of Cleveland’s hosting of the 2016 Republican National Convention.
Huntington will pay FirstMerit $500,000 for the assumption of its agreement with Cuyahoga County. The agreement will continue to provide more than $400,000 annually to the county for the convention center’s 20-year naming rights.
“This is a smart step forward for Greater Cleveland’s long-term identity,” said Cuyahoga County Executive Armond Budish. “It represents what we can expect of Huntington in honoring FirstMerit’s commitments to the community. Both companies have been enthusiastic partners in supporting and promoting Cleveland and Cuyahoga County.”
The agreement as assumed includes signage rights and branding inclusion for Huntington’s customized convention center logo.
“This is a great moment for Cuyahoga County and the Greater Cleveland community to take pride in the outstanding showcase that is the convention center,” said Steve Steinour, Huntington’s chairman, president and chief executive officer. “As the eyes of the country and the world focus on this important center in the Midwest, we want to step up and ensure top-quality signage design is in place and ready to share.”
Betty Lin-Fisher can be reached at 330-996-3724 or blinfisher@thebeaconjournal.com. Follow her @blinfisherABJ on Twitter or www.facebook.com/BettyLinFisherABJ and see all her stories at www.ohio.com/betty.