University of Maryland's football stadium to change name in October

COLLEGE PARK, Md. - Football fans at the University of Maryland will soon have a new name to call the team's stadium.

Maryland Athletics announced Friday that stadium will change its name to SECU Stadium on October 1, when Maryland takes on Michigan State in the team's Big Ten home opener. 

The stadium is currently named Capital One Field at Maryland Stadium.

The new naming rights agreement was made possible after Capital One agreed to relinquish their naming rights, which were supposed to be active through 2032.

The name change is part of 10-year-partnership between the school and SECU, which is Maryland's largest state-chartered credit union, that will recognize SECU as the Official Banking Partner of the Maryland Terrapins.

According to a press release from UMD, the partnership will benefit the school's entire campus by offering financial wellness and literacy courses for faculty, staff, and students.

As part of the partnership, SECU will pay Maryland Athletics a guaranteed $11 million, including a $2.5 million gift that will support programs and new basketball practice facility on campus.

The press release also said that the partnership could net Maryland Athletics an additional $300,000 to $400,000 annually.

"We are proud to welcome SECU into our Maryland Athletics family," said Damon Evans, UMD's Director of Athletics. "From the very beginning, we aligned with SECU on goals and objectives, and more importantly, our values. It is our intent to use this partnership to do good for our student-athletes, our university and our communities."

"As Maryland's largest credit union, SECU takes great pride in partnering with Maryland Athletics and the entire University," said Dave Sweiderk, President and CEO of SECU. "Together, we are not only united in our love for Maryland but also in our commitment to positively impacting the people and communities we serve."