Arizona State is renaming its basketball arena as part of a new partnership with Desert Financial, a local credit union.

Beginning this season, the Sun Devils will play at Desert Financial Arena, which is also the home for volleyball, wrestling and gymnastics.

The 14,000-seat arena, built in 1974, had been called Wells Fargo Arena since 1997. Before that, it was known as the University Activity Center.

ASU will receive $1.5 million annually from Desert Financial under terms of a five-year agreement that also includes education and degree programs for employees and credit union members.

The deal also includes a marketing services partnership and internship opportunities for ASU students.

"Desert Financial is committed to communities throughout Arizona, as we are, and especially focused on education," ASU President Michael Crow said. "These shared values form the foundation of a very strong relationship and represent a partnership based on much more than naming an arena."

Desert Financial was founded in 1939 by 15 teachers.

"Desert Financial Credit Union’s connection to education comes from our founders," President/CEO Jeff Meshey said. "We carry that legacy with us today because we believe strong communities are built by citizens who have received a good education. Our relationship with ASU will strengthen that commitment and be an asset to our employees and our members."

ASU plans to renovate Desert Financial Arena in addition to building a hockey/multi-purpose arena adjacent to the building.

“We are entrepreneurial in much of what we do, so we appreciate the financial benefits that come from naming rights,” Crow said. “However, our call is to be socially embedded and to connect with the community through mutually beneficial partnerships. The agreement with Desert Financial represents the kind of relationships we are seeking at all levels, alliances fueled by a common interest.”

New arena signs will be installed in time for the approaching season, which begins with a women's basketball game Nov. 5.

Reach the reporter at jeff.metcalfe@arizonarepublic.com or 602-444-8053. gFollow him on Twitter @jeffmetcalfe.

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