Banking On A New Name

Citizens Business Bank inked a 10-year, multimillion-dollar deal October 19th for the naming rights to an Ontario, Calif., arena expected to open in 2008.

AEG will serve as facility operator for the Citizens Business Bank Center, which is planned to have 11,000 seats and host at least 150 events a year. The city will receive about $1 million in annual operating fees from Anschutz Entertainment Group, but will also split 25 percent of the profits with AEG, city manager Greg Devereaux told the Press-Enterprise.

The arena is part of an 89-acre urban development project called Piemonte at Ontario Center, being constructed by Panattoni Development. The project will combine condominiums, stores, office space and a hotel surrounding the development’s featured element, the arena.

Construction has yet to begin on the arena, which will reportedly house a minor league hockey team and possibly arena football and NBA development teams.