BROOMFIELD -- Odeum Colorado is no more.
Managers of the 6,000-seat venue in Broomfield announced Thursday that the arena has been renamed 1stBank Center.
Broomfield officials say they are happy with the new name.
"It's great to have a sponsor, especially one that's a prominent Colorado company," Mayor Pat Quinn said.
The name change was announced two months after AEG Live and Kroenke Sports Enterprises executives unveiled the Odeum name at a crowded news conference in Denver.
AEG Live and Kroenke Sports co-own Peak Entertainment LLC, which manages the 3-year-old arena. The arena is owned by the city and county of Broomfield, and until December it was known as the Broomfield Event Center.
The new naming-rights deal will last for five years, so another quick name change is unlikely.
How much 1stBank is paying for the naming rights was not disclosed. The bank company will be able to use the facility for corporate and philanthropic events and give customers preferred ticket access, according to a news release issued Thursday.
The arena will boast a large marquee with the new name, and a 10-by-10-foot orange cube with the 1stBank logo will be added to the center's roof.
The management contract that Peak Entertainment and Broomfield signed in August gave the company the right to sell the arena's name. Finding a sponsor was a goal from the start, AEG Live Rocky Mountain president Chuck Morris said.
The Odeum moniker, derived from the Greek term for a concert hall, was temporary. Morris said as much in December, when he said Peak would continue to look for a corporate sponsor.
"It's a tough world out there," Morris said this week. "If you can get a corporation that can bring in financial help and also be a promotional partner that has various tools to reach a tremendous audience, that is immeasurable."
Founded in Lakewood in 1963, 1stBank has more than 120 locations in Colorado. Its headquarters remain in Lakewood, and executives highlighted the local connection.
"The 200,000 drivers that travel on (U.S.) 36 each day, and the tens of thousands of people who will attend events at the 1stBank Center annually, will have no doubt about which hometown bank supports the events they enjoy," John Ikard, president of the bank's holding company, said in the news release.
The sale of the naming rights will benefit Broomfield financially, Deputy City and County Manager Charles Ozaki said. The amount will go into the arena's revenue pool. Broomfield is entitled to 25 percent of the arena's revenue for three years, and 10 percent of revenue for the remaining 27 years of the management agreement with Peak Entertainment.
The money also will offset some of the $500,000 Broomfield is spending to help Peak renovate the arena to make it more concert-friendly.
The bulk of that work, which will cost more than $1.13 million, will be done by March 5, when the Odeum hosts its first concert. Furthur, a collaboration of Phil Lesh and Bob Weir, two of the founding members of the Grateful Dead, will perform March 5 and 6.
The amount the arena makes from corporate sponsorships will be reported to the city and become public information, but terms of the deals between Peak and individual sponsors such as 1stBank will remain confidential, Ozaki said.
The Denver Post contributed to this report.