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Sports Biz

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Mar.30

8:58 AM ET

Monday, 30 Mar 2009

Bank Of America Still Sponsors Yankees

Posted By:Darren Rovell

Topics:Consumers | Marketing | Advertising | Sports

Companies:Bank of America Corp

Oliver Quillia for cnbc.com
Bank of America branch, New York City.
Despite the undoing of a bigger deal thanks in part to governmental scrutiny of sponsorships by TARP recipients, Bank of America [BAC Loading... () ] is continuing its sponsorship with the New York Yankees into the new stadium.

The agreement is a one-year extension of the bank's current deal with the team that allows them to be called the Official Bank Of The Yankees.

B of A can use the Yankees mark on checking, saving and credit card accounts.

"We still see great value from a business relationship with the Yankees," said B of A spokesman Joseph Goode. "While the environment wasn't conducive to pursuing a longer-term arrangement, we have extended our current sponsorship for one more year. This is still a profitable partnership that generates meaningful revenue streams across our major business units and product lines."

As far as visibility goes, Bank of America will have roughly the same amount of signage it had in the old Yankee Stadium, which includes dugout and outfield signage and a sign that rotates behind home plate.

Bank of America is also the official bank of the Red Sox, Orioles, Cardinals, Cubs, Dodgers, Giants, A's and Padres and has had official bank status with Major League Baseball since 2004.

Last year, sports affinity checking totaled nearly 10 percent of all sales of consumer checking accounts at the bank.

Sales of the bank's checking accounts associated with Major League Baseball teams in particular nearly quadrupled last season.

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