Indiana Football Reaches $50 Million Naming Agreement for Field at Memorial Stadium

Indiana Athletics and Merchants Bank agreed on a 20-year, $50 million deal to rename Memorial Stadium's surface "Merchants Bank Field at Memorial Stadium."

Indiana Athletics and Merchants Bank reached agreement on a 20-year partnership, changing Memorial Stadium's playing surface to "Merchants Bank Field at Memorial Stadium." | Photo Courtesy of Indiana Athletics

BLOOMINGTON, Ind. — Indiana Athletics and Merchants Bank have agreed on a 20-year, $50 million deal to change the Memorial Stadium playing surface to Merchants Bank Fiekd, IU Athletics announced in a press release Thursday.

According to the release, “Merchants Bank Field at Memorial Stadium” will be displayed in multiple spots on the field and will be evident during the Hoosiers' season opener Aug. 30 against Old Dominion. There will also be signs littered throughout Memorial Stadium.

"This agreement is another example of how IU Athletics is positioning the university for success in the new world of college sports,” IU President Pamela Whitten said in the release. “We’re particularly grateful that Merchants Bank will contribute not just to the on-field success of our teams, but to our student-athletes’ success in life.”

The partnership also provides Indiana student-athletes with no-cost financial literacy training from Merchants Bank, an important benefit with revenue sharing and NIL at the forefront of college athletics.

Scott Dolson, Indiana Vice President and Director of Athletics, said in the statement the Hoosiers put "tremendous value" in who they choose as partners, and Merchants Bank, with its commitment to the university and Indiana student-athletes, emerged as an ideal fit.

"The Merchants Bank team is dedicated to supporting our student-athletes’ chances to maximize their opportunities in the new landscape of intercollegiate athletics," Dolson said. "This is an exciting day for everyone associated with our department and Indiana University."

American Banker/Capital Performance Group and S&P Global Market Intelligence ranked Merchants Bank as a top-performing bank in the United States, per the release.

Merchants Bank handles "retail and correspondent residential mortgage banking, multifamily mortgage banking, business banking (including small business lending), agricultural lending, mortgage warehouse financing, and traditional community banking," the release said.

Michael Petrie, the Chairman of Merchants Bank, is an Indiana alum and lifelong fan, making Thursday's announcement a milestone not only for the evolution of his bank but also for him, personally.

"As this partnership marks a new chapter with Indiana University, Merchants Bank takes great pride in supporting IU football and the student athletes across programs that represent the Cream and Crimson," Petrie said.

"Our team is ready and thrilled to provide these athletes with the financial tools and support necessary in planning and building for their future beyond the Sample Gates."

Luke Reiff, the general manager of IU Sports Properties, described the pioneering partnership" as mutually beneficial for Merchants Bank as a branding showing and IU student-athletes for its financial education.

"At a time when financial support is critical in college athletics," Reiff said, "this monumental partnership with Merchants Bank makes a statement with Hoosier fans and alumni."

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