University of Hawaii quarterback Chevan Cordeiro is believed to be the first college athlete in the state of Hawaii to enter into an endorsement partnership with a local company.
The Saint Louis graduate was introduced as a spokesperson for Central Pacific Bank on Thursday on the heels of the NCAA announcing a uniform interim policy suspending name, image, and likeness (NIL) rules for all incoming and current student-athletes in all sports.
“I’m thankful to Central Pacific Bank for giving me this opportunity,” said Cordeiro. “This is an exciting development for me and for college athletes in general. I look forward to learning more about how to balance the demands of being a student-athlete and what it takes to be successful in business.”
Terms of the deal between CPB and Cordeiro were not disclosed.
“We are creating a partnership of mutual benefit by investing in Chevan. In return, he will help us promote our new brand as well as product and service offerings that appeal to young adults,” according to Brandt Farias, Central Pacific Bank’s Senior Vice President and Marketing Director. “We see this as an opportunity to create more fan interest in the team and for us to work with young athletes and their families to help them with their financial plans.”
The recent change to the NCAA’s NIL policies effectively suspended NCAA restrictions on payments to athletes for things such as sponsorship deals, online endorsements and personal appearances. it applies to all three divisions or some 460,000 athletes.
Athletes are also able to now enter into agreements with agents, though all athletes are expected to keep their school informed of any and all NIL arrangements. The NCAA said schools are responsible “for determining whether those activities are consistent with state law.”