Earlier this week, First Federal of Lakewood agreed to buy the naming rights at Lakewood Stadium for the next 10 years, in a contract worth about $320,000.
And on Friday night, at halftime of the boys basketball game at Lakewood High School, the local bank made it official.
With representatives from both the bank and the school district on hand, First Federal of Lakewood officials presented a huge check to the district — for $320,000.
The plan calls for First Federal’s name and logo in both end zones, the front and back sides of the scoreboard, concession stands, press box, the side wall facing Bunts Avenue and at the entrances.
First Federal will pay for the signs and the money paid to the district will be deposited into a capital improvement account dedicated to stadium maintenance and upgrades.
It’s a good deal for the cash-strapped school district, coping with sweeping state cuts and declining property values, officials said Monday.
“First Federal Lakewood is a well-established, longtime civic supporter of many organizations and events in Lakewood and we are thrilled that they have now put their support behind Lakewood City Schools in a major way,” said superintendent Jeff Patterson in a news release.