The city has reached agreement with Renasant Bank for Memphis Convention Center naming rights worth more than $7 million over 10 years.

The convention center board on Wednesday unanimously approved the deal with the Tupelo, Mississippi-based bank.

An official announcement is set for 2 p.m. Thursday, Nov. 21, according to a press statement from the city.

The convention center pursued a naming rights deal as a way of offsetting some of city government’s more than $2 million a year subsidy of center operations. 

Memphis Tourism chief executive Kevin Kane said he expects signage will refer to the Renasant Convention Center, although plans call for a large Memphis sign on the western face of the building to greet traffic on Interstate 40.

“I think financially it’s a more than $7 million deal over 10 years,” Kane said. “It becomes a pretty big source of income for the convention center,” probably the center’s largest single source of rent, Kane said.

The deal starts at $600,000 a year and increases 3% a year. It’s a 10-year base agreement with two 5-year renewal options.

Kane anticipates the naming rights revenue will be poured back into the center’s operation.

The convention center board voted last December to use Denver-based Impression Sports & Entertainment, working locally with Donegal Associates, to help determine a price for naming rights and develop a campaign.

City officials estimated at the time that the rights might be worth more than $500,000 a year.

Renasant expressed an interest immediately when the process began last year, and the bank was willing to outbid the other companies that took a look at the deal, Kane said.

“They’re doing some branding in the state of Tennessee, and they’re being aggressive with what they’re trying to do from a branding standpoint,” Kane said.

Renasant Bank and the Nashville Soccer Club announced in September that Renasant would be the new Major League Soccer team’s jersey sponsor and official banking partner.

The Renasant brand will be displayed as part of the new look of the 44-year-old convention center, which is in the midst of a nearly $200 million renovation and modernization that’s scheduled to be completed late next year.

The facility was previously known as the Memphis Cook Convention Center, named after the late business and civic leader Everett Cook. The “Cook” was dropped as the construction project was preparing to launch.

About 45,000 vehicles a day pass the north end of the center on Interstate 40.

The naming announcement will be made at 2 p.m. in the Cannon Center, upper level terrace lobby. 

Renasant Bank was the No. 5 bank in deposit market share in the Memphis metro area as of June 30, with 14 locations and about $1.2 billion in deposits, just under 4% of the area’s total deposits. It trailed First Horizon, Regions Bank, SunTrust and Bank of America in deposits in the market, according to the FDIC.

Naming rights deal sought for Memphis Cook Convention Center