A student passes by the LBS Financial Credit Union Pyramid on the day the facility was officially renamed for the first time in 20 years. Jorge Hernandez | Long Beach Current

Long Beach State officials formally announced the renaming of the Walter Pyramid to the LBS Financial Credit Union Pyramid at a press conference on Thursday, Nov. 20, after the CSU Board of Trustees voted to approve the sponsorship deal. 

“This alignment of mission and values makes LBS Financial Credit Union and [LBSU] unique, natural partners in an endeavor that will secure the future of the Pyramid, which is one of the most iconic symbols that we have and a showcase for Beach excellence,” CSULB Interim President Andrew Jones said. 

The 12-year, $8.5 million naming rights agreement took roughly a year to finalize and was aided by LBS Financial Credit Union’s willingness to award LBSU the entire sum upfront, according to Executive Director of Athletics Bobby Smitheran. 

“The upfront money is a game changer,” Smitheran said. “You don’t really see that in these naming rights opportunities, so that’s where the competitiveness of [LBS Financial Credit Union] was tremendous, because it gives us flexibility to do some immediate things.”

The university’s announcement came today, coinciding with the LBSU women’s basketball team matchup against the University of San Francisco at 6 p.m. being moved to the Gold Mine due to another water leak at the Pyramid. 

The roof’s susceptibility to leaks during rainy weather has been a long-standing issue for the newly-named LBS Financial Credit Union Pyramid, which has now added significantly more financial resources through the naming rights deal to support LBSU Athletics. 

The university underwent a study in 2021 that determined the costs of repairing the facility’s roof would be $55 million. 

“As we think about the roof, that’s a bigger discussion that happens with the university,” Smitheran said. “We have a second study taking place that I don’t have the results for yet, so I want to get those results, then dive into that with campus leadership and figure out what is the long-range plan.” 

According to the university, the majority of the money from this deal will go toward student-athlete scholarships.

This scholarship money will aid LBSU in navigating the unique challenges posed by the modern Name, Image and Likeness era of collegiate athletics, chief of which is roster retention. 

For example, The Beach’s men’s basketball program, which just snapped a 312-day losing streak, returned just one player this season from its team a year ago. 

“The state of college athletics is certainly requiring people in my position to look at any and all alternatives to generate revenue that we can drive back to our student athletes,” Smitheran said. 

With this increase in funding, LBSU Athletics will have to contend with the major shakeup in NCAA regulations that began this academic year, which removed team-by-team scholarship limits. 

With freedom to allocate resources to each program as the university pleases, the next step for Smitheran and LBSU Athletics will be to determine how to best use their new source of revenue. 

“There’s definitely work we have to do to figure out how to split the pie where everybody feels like this moment benefits them,” Smitheran said. 

Following the CSU Board of Trustees’ official approval of the deal on Wednesday, the overwhelming student reaction online has been criticism of the new name. 

However, Smitheran emphasizes that the tangible benefits of this deal are ultimately what make a difference for the campus community. 

“Regardless of the name, it’s the money that impacts the experience for our students,” Smitheran said. “The fact that LBS Financial Credit Union is a local organization brings tremendous value to [students] because of the other benefits the organization can bring.”

According to President and CEO Sean Hardeman, this partnership between LBS Financial Credit Union and LBSU was aided by their long-standing history with each other. 

LBS Financial Credit Union was first founded in 1935 and operated out of Wilson High School classrooms, and has historically been a major donor to the university, according to the CSU Committee on Institutional Advancement. 

“If you think about the economic engine of Long Beach, this university is part of that, we feel that LBS Financial is a part of that, and our history with the university goes back to its inception,” Hardeman said. 

After finalizing the name change that will hold for at least 12 years, Smitheran considers this an opportunity for a major shift in the university’s future.

“I would hope that people see this as a transformational moment in LBSU Athletics history,” Smitheran said. “I think it really matches up with what is taking place in college athletics and that we took the opportunity to do our best to meet that moment.”