RALEIGH, N.C. (WNCN) – A bank founded in 1999 has donated $5 million to North Carolina State University that will provide “key upgrades” to Carter-Finley Stadium and build “strong relationships” with athletics the college announced Monday.

TowneBank, a service that provides a full range of banking, insurance, and other financial services, officially gave $5 million to the university for athletics improvements, N.C. State Director of Athletics Boo Corrigan said.

“In recognition of the gift, the 117,000 square-foot West Side Tower that stretches from endzone to endzone (previously known as C. Richard Vaughn Towers) will be renamed TowneBank Center for a 10-year period beginning July 1, 2022,” N.C. State’s official website said.

Additionally, TowneBank will also have the option to extend the party’s agreement for five more years for an additional $2.5 million gift, the website said.

Furthermore, both parties worked with C. Richard Vaughn to rename second and third floor suites in the stadium to his name.

“I want to personally thank Richard for all he has done for NC State Athletics.  His passion and love for NC State are unmatched,” Corrigan said Monday.