What's on Tap

What's on Tap

Coastal Federal buys Walnut Creek naming rights

Posted April 28

— Walnut Creek Amphitheatre in Raleigh has a new name.

Coastal Federal Credit Union on Thursday announced a multi-year deal to rename the outdoor concert venue Coastal Credit Union Music Park at Walnut Creek. Terms of the deal weren't disclosed.

The credit union becomes the latest in a series of name sponsors at Walnut Creek, following Time Warner Cable, Alltel and Hardee's.

"I hope that, in three, three, four, five years, 10 years from now, we're looking back on this, and we're saying that we have found a partner that is invested in what we're doing in the community, and we're invested in what they're trying to do in the community, and there is a good synergy between the two fo us," said Marc Abend, senior vice president of venue sales operations for Live Nation.

Live Nation manages the 25-year-old amphitheater, which is owned by the city of Raleigh.

"I'm thrilled by this unique opportunity to strengthen Coastal's brand and to engage our community in a new, entertaining way," Coastal President and Chief Executive Chuck Purvis said in a statement.

Coastal Federal members will get some benefits from the deal, Abend said, such as access to a fast-pass lane at the venue and a special tent that they can visit. More benefits would be announced later, he said.

The amphitheater averages 300,000 concert-goers a year for such acts as Aerosmith, James Taylor, Kanye West and Rascal Flatts.

No performers have canceled planned appearances at the amphitheater because of House Bill 2, the controversial state law that prohibits discrimination protections from being extended to gay and transgender people.

"We can't control what happens in our political environment," Abens said. "We can only make sure that we're bringing the best we can to the venue. That's within what we can control."

3 Comments

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  • Catherine Edwards Apr 28, 2016
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    I'm interested in the benefits. It'll still be Walnut Creek Amphitheater to me. My friends know what I'm talking about.

  • Charles Edwards Apr 28, 2016
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    I hope Coastal got a VERY good deal. With all the acts cancelling concerts right now because of HB2, not sure how many times the facility name is going to be seen/heard in promotions.

  • Fred Holt Apr 28, 2016
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    How much of the owners money go into this deal? As a shareholder I'm not sure I see the value. I did value the promotional interest rate before they slashed the balance eligible for that by 80%.