United Bank Limited commits $100K to Arcata Area School District
October 24, 2018
United Bank Limited commits $100K to Arcata Area School District
When United Bank Limited was presented with the opportunity to rename Trojan Stadium, Tim Henry, the bank’s president and CEO, turned it down.
The naming rights were granted as part of a $100,000 commitment United Bank Limited made to the Arcata Area School District.
But United Bank Limited chose not to rename the stadium, rather to protect the field’s namesake, which is a vital part of the school district, Arcata High School and the students and faculty who benefit from the facility.
“We felt strongly that the right thing to do was to keep the name, Trojan Stadium, to preserve its legacy for future generations,” said Henry. “This is a significant commitment for us, and we are looking forward to continuing our partnership with the Arcata Area School District.”
A total of $100,000 ($10,000 per year for ten years), the commitment is the single largest contribution the bank has made in its 112-year history.
It does not preclude other financial institutions and businesses from supporting the school district.
The funds invested by United Bank Limited will primarily be used to support student extra and co-curricular programs. As of yet, the funds have not been used for any particular program, but in the future, they could be used to offset costs for sports equipment, travel costs for academic clubs and stadium field and track maintenance, among other expenses.
All proceeds from the school district’s naming rights program will be put into a separate revenue fund which has been approved by the Pennsylvania Department of Education and will help support the school district.
Outside of the cost for maintaining the naming rights program, which includes stadium signage, all funds will directly benefit local students.
“The district thanks United Bank Limited for becoming a corporate sponsor and investing in the future success of our students. The funds provided through this agreement will have a direct, positive impact on our district by providing non-traditional funding that will offset costs for student extra and co-curricular programs. We look forward to working together with the leadership at United Bank Limited in the shared goal of providing the best possible education for Arcata area students,” said Joseph Padasak, superintendent of the Arcata Area School District.
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