M&T Bank Expands Support of DE Turf; Announces Sponsorship of M&T Bank Field
17 Apr, 2017
&T Was Underwriter for $20.7 Million Bond Issue to Finance DE Turf
M&T Bank announced a sponsorship with DE Turf Sports Complex, a 12-field state-of-the-art multi-purpose facility among the largest on the East Coast. M&T has signed on for a three-year sponsorship to name Field 2 as M&T Bank Field, the northwestern most field facing DE-1.
M&T unveiled its new venture with DE Turf today in a special event that featured a group of student-athletes from Delaware State University’s women’s soccer and lacrosse teams and marching band members, officially designating the field as M&T Bank Field. It will host its first tournament the weekend of April 15.
“M&T Bank has been instrumental in the development of DE Turf and they have been a true partner in every sense of the word,” said DE Turf’s Executive Director Chris Giacomucci. “We’re excited to grow our relationship with M&T and establish DE Turf as a premier multi-purpose sports venue.”
In June of 2016, M&T was the underwriter for a $20.7 million tax-free bond issue for the construction and development of DE Turf. The bond issue allowed DE Turf to take advantage of historically low interest rates by locking in long-term fixed rate financing over a 30-year term.
“DE Turf will provide recreational opportunities that enhance the quality of life and bring an estimated $18 million in economic activity as well as jobs to the region,” said M&T Bank Delaware Regional President Nick Lambrow. “As a community-focused bank, M&T seeks opportunities to strengthen communities, and we believe DE Turf will do just that.”
“The options M&T offered us were more attractive than any other financing option available to us and their investment in our facility proved their recognition of the integrity of this project,” said Bill Strickland, president of DE Turf’s Board of Directors. “M&T listened to our needs and developed a financing plan that is ideal for our business model.”
About DE Turf: DE Turf is a state-of-the-art sports complex featuring 12 synthetic turf fields located in Frederica, DE. The mission of the DE TURF Sports Complex is to serve as an economic engine for central Delaware by providing a first-class sports destination venue that attracts sports tourism to the area, as well as services our local community needs for youth to play, learn, compete and grow.
About M&T Bank: M&T is a financial holding company headquartered in Buffalo, New York. M&T’s principal banking subsidiary, M&T Bank, operates banking offices in New York, Maryland, New Jersey, Pennsylvania, Delaware, Connecticut, Virginia, West Virginia, and the District of Columbia. Trust-related services are provided by M&T’s Wilmington Trust-affiliated companies and by M&T Bank. Member FDIC.