JACKSONVILLE – The 'Bank will stay the 'Bank for a long, long time.
That became official Friday afternoon, when EverBank Financial Corp. announced it had signed an agreement with the Jaguars to continue as naming rights sponsor of the team's home stadium, EverBank Field, for an additional 10 years.
The new agreement will begin after the 2014 season, and continue through the 2024 season. It is worth $43 million over 10 years.
EverBank originally signed a five-year agreement with the Jaguars that began in 2010.
"This is a new era," Jaguars Owner Shad Khan said shortly after the announcement made by EverBank Chairman and CEO Rob Clements. "This is about making the Jacksonville Jaguars and EverBank Field the very best. Thanks to companies like EverBank, we're going to make it happen."
The announcement came on the first day of 2014 Jaguars Training Camp.
"This was a very complex, extensive negotiation between EverBank and the Jaguars," Jaguars President Mark Lamping said. "That is what I expected, because you have a company that is made up of very smart people that is a publicly held company. They have to do what's in the best interest of their shareholders.
"We love it because they're a Jacksonville-based company that's growing fast. They have a national and international profile and they really care about the community."
Khan called EverBank the "perfect partner for us."
The Jacksonville Jaguars and EverBank announce an extension of the naming rights of EverBank Field through 2024.
"They share a local, national and an international vision – a vision to serve Jacksonville at its best," Khan said.
EverBank is headquartered in Jacksonville and Mayor Alvin Brown on Friday lauded the company as a key member of the downtown community.
"This is about a real investment partnership in Jacksonville," Brown said.
City Council President Clay Yarborough called the extension as great for Jacksonville.
"We're all excited," Yarborough said. "It's good for business. It's a great day for Jacksonville and we look forward to more great things."
Lamping said the agreement not only gives the Jaguars incentive to strengthen the stadium for the annual Florida-Georgia game but to continue attracting high-profile events to the stadium.
"You can count on the Jaguars becoming even more aggressive in the future to attract big events to EverBank," Lamping said. "Our interests are totally aligned not only with EverBank but what's in the best interest of the city."
The partnership also extends EverBank as the Jaguars' official bank, and means EverBank will continue with promotions during Jaguars game telecasts and a variety of other media rights. The agreement also provides for prominent signage at the stadium and elsewhere around Jacksonville, as well as the EverBank Fantasy Football Lounges inside the stadium.
EverBank Field underwent more than $60 million in enhancements funded by the Jaguars and the city of Jacksonville in the offseason. Those upgrades include the world's two largest LED video display screens and exclusive cabana lounges, two of which feature swimming pools overlooking the field.
"We are thrilled about the enhancements made to the stadium," Clements said. "All of the publicity, we've benefitted from that. It certainly was part of the equation. It's a positive for us in our thinking."