SIU Arena will be renamed the ‘Banterra Center,’ interim Chancellor John Dunn announced during a press conference Thursday.

The naming rights were bought by Banterra Bank, founded in 1975 in Ridgway, Illinois. According to their website they have $2 billion in assets.

The agreement offers up to $10 million for SIUC, with a $4 million guarantee for the first ten years according to the press release. The multi-million dollar agreement includes a 10-year extension option, annual payments and an affinity program.

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“We are deeply grateful for Banterra’s contribution and the example set has the largest corporate naming rights partner for the university,” Dunn said.

He said Banterra will be offering a scholarship program for students and student athletes. It is yet to be determined the exact qualifications for the scholarship, Dunn said.

It is the first naming right agreement for the 55-year-old Arena.

“SIU is a critical economic engine for the region,” Jeff May, President and CEO of Banterra Bank, said.

For SIU to receive the entire $10 million, SIU must help build the Banterra Bank’s debit card program, May said.

The Banterra Bank board sees the renaming of the arena as an investment in the southern Illinois economy.

“It’s a tremendous day for the Salukis,” Jerry Kill, athletic director, said. “Banterra Center makes us big time.”

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Banterra Bank is giving SIU momentum toward a better future, Kill said. He said the event is a historical moment.

“I call it blind faith,” he said. “Jeff and I have got a good relationship. We just shake hands and trust each other because I think we are similar people.”

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