George Mason University and EagleBank today announced a multimillion-dollar strategic partnership that includes a broad array of education programs and an agreement to change the name of the Patriot Center to EagleBank Arena at George Mason University.
The multi-faceted deal brings together the largest public research university in Virginia and the largest community bank headquartered in the Washington, D.C. area. It will create scholarships and internships, launch a lecture series and mentoring programs, provide arena improvements and establish a long-term relationship dedicated to fostering the next generation of business leaders.
“This is a landmark moment for George Mason University and EagleBank,” said Mason President Ángel Cabrera. “Our shared vision goes beyond the financial contribution that will benefit so many people. This is about a relationship between two institutions that have a stake in the community and are investing in the future of our region.”
“As a local bank, we are delighted to partner with one of the region’s most prominent universities,” said Ronald D. Paul, Chairman and CEO of EagleBank. “In entering into this array of support, EagleBank underscores not only our commitment to Northern Virginia and the region, but also to the creation of a multi-platform alliance that will support education, job growth and future economic prosperity throughout our community.”
The agreement provides for a minimum $6.6 million commitment by EagleBank to the university over 10 years. It also includes the unilateral right of EagleBank to extend the agreement for up to a total of 20 years; in such case EagleBank will have provided $13.7 million in funding to the university.
“This incredible commitment from EagleBank will serve as a tremendous catalyst for the continued strengthening of the national and international reputation of George Mason Basketball, the Atlantic 10 Conference and the university,” said Assistant Vice President and Athletic Director Brad Edwards.
Highlights of the partnership include EagleBank’s sponsorship of a series of Business Leadership Development programs, all with the emphasis on educating and mentoring Mason students about leadership and entrepreneurship. One such activity will be a lecture series where bank executives host an educational and business-focused speaker series for Mason students, faculty and alumni.
EagleBank and Mason will also create an annual internship/apprentice program, which will allow qualified Mason students to participate each semester in EagleBank operations.
Additionally, Mason will provide an opportunity for EagleBank to serve as consultant to the master’s in Real Estate Development program on campus.
Playing host to more than 3,500 events with more than 12 million in attendance, the arena was ranked third nationwide for top grossing venues with a capacity of 10,001-15,000, according to Billboard and eighth worldwide for top grossing venues with a capacity of 10,001 to15,000 according to Venues Today in 2014.
Bruce Springsteen, Sting, Keith Urban, Marc Anthony, Selena Gomez, Disney on Ice, Ultimate Fighting Championship (UFC), World Wrestling Entertainment (WWE) and the Harlem Globetrotters have all played at the venue during its storied history. The arena will be celebrating its 30-year anniversary in October.
George Mason is Virginia’s largest public research university. Located near Washington, D.C., Mason enrolls nearly 34,000 students from 130 countries and all 50 states. Mason has grown rapidly over the last half-century and is recognized for its innovation and entrepreneurship, remarkable diversity and commitment to accessibility.
EagleBank is a community business bank headquartered in Bethesda, Maryland. Operating through twenty-two full service branch offices, located in Northern Virginia, Montgomery County, Maryland, and Washington, D.C., the bank focuses on building relationships with businesses, professionals and individuals in its marketplace. EagleBank also offers a complete line of competitive personal banking products and services.