Wednesday, March 01, 2000
Firstar becomes official bank of Kentucky Speedway
BY JEFF McKINNEY
The Cincinnati Enquirer
Expanding efforts to reach customers at sporting venues, Firstar Corp. is betting it can win some business at the Kentucky Speedway in Gallatin County.
Firstar, which just a year ago bought naming rights to the former Crown coliseum in Cincinnati, said Tuesday that it bought rights to become the official bank for the new $152 million racetrack.
The deal will allow Firstar to post signs, have a luxury suite, grandstand seats, sponsor a “Star of the Race” program and install ATMs at the track.
Neither Firstar nor Kentucky Speedway executives would disclose financial details of the deal, only saying the agreement calls for Firstar to be the speedway's bank for three years.
The deal also shows how some of Cincinnati's largest banks — including Fifth Third and Provident — have recently been tapping into sporting events to reach new customers and increase brand identi ty.
Firstar executives are hoping to ride the growing popularity of NASCAR racing, attracting customers whom they might not otherwise get.
“We want customers whether they are blue-collar workers or executives, and this will give us a broad and nice demographic mix that appeals to us,” said Richard Da vis, a vice chairman at Firstar who runs its consumer banking operations.
The Kentucky Speedway will initially have more than 65,000 seats for race fans when the 1.5-mile tri-oval opens for the first race week in mid-June. The track is expected to attract up to 180,000 fans when fully operational by 2003.
Co-owner Jerry Carroll said several banks expressed an interest in becoming the speedway's official bank, but Firstar offered a solid marketing package to promote the event.
“They're very aggressive, and so are we, so it should make a good fit for the racetrack and the bank,” Mr. Carroll said.
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