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Negro Leagues Baseball Museum and First Business Bank Announce Partnership to Help “Coin the Legacy” of the Negro Leagues
Rhea-AI Impact
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Rhea-AI Sentiment
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partnership
Rhea-AI Summary
The Negro Leagues Baseball Museum (NLBM) has partnered with First Business Bank to become the 'Official Bank' of the United States Mint Negro Leagues Commemorative Coins program. This initiative, part of a bipartisan effort initiated by U.S. Senators, aims to honor the history of the Negro Leagues. The program includes the production of $5 gold, $1 silver, and half dollar clad coins, potentially generating up to $6 million in revenue. First Business Bank will assist NLBM in maximizing revenue from the coin sales while participating in various museum events.
Positive
Partnership could generate up to $6 million in revenue if all coins are sold.
First Business Bank's extensive business community connections may enhance sales opportunities.
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None.
The partnership includes designation as the “Official Bank” of the first-ever United States Mint Negro Leagues Commemorative Coins and other community initiatives.
KANSAS CITY, Mo.--(BUSINESS WIRE)--
The Negro Leagues Baseball Museum (NLBM) announced today an exciting partnership with First Business Bank to become the “Official Bank” of the United States Mint Negro Leagues Commemorative Coins program. The alliance will see the NLBM and First Business Bank team on a comprehensive marketing strategy to encourage consumers to purchase the collectible coins that were released by the Mint for sale on January 6, 2022.
In 2020, U.S. Senator Roy Blunt (Mo.) along with Senator Tim Kaine (Va.) and Representatives Emanuel Cleaver, II (Mo.) and Steve Stivers (Oh.) introduced the Negro Leagues Baseball Centennial Commemorative Coin Act. The bipartisan bill directed the U.S.Treasury to produce a three-coin series to commemorate the Centennial of Negro Leagues Baseball. The coins are the first-ever Mint coins honoring the rich history of the Negro Leagues.
“The Negro Leagues Baseball Museum is thrilled to welcome First Business Bank as a partner and the official bank of our U.S. Mint Negro Leagues Commemorative Coins program,” said Bob Kendrick, NLBM President. “The Negro Leagues Baseball Centennial Commemorative Coin Act is one of the most important initiatives in museum history. And, while we are ecstatic to have gained the issuance of the coins, the true success comes with our ability to realize as much of the revenue potential as possible. I’m extremely confident that our partnership with First Business Bank and their tremendous connections to the business community will help us accomplish that goal.”
Public Law 116-209 directs the Mint to produce $5 gold coins, $1 silver coins, and half dollar clad coins as part of the program. The Mint accepts orders at catalog.usmint.gov/ and 1-800-USA-MINT (872-6468). Hearing- and speech-impaired customers with TTY equipment may order at 1-888-321-MINT. Visit catalog.usmint.gov/customer-service/shipping.html for information about shipping options.
The Commemorative Coin program is operated at no cost to taxpayers and the Treasury Department will be reimbursed for the costs of issuing the coins. After the U.S.Treasury has recouped expenses for designing and minting the coins, funds will be distributed to the NLBM. The program could yield as much as $6 million if all 850,000 coins (50,000 gold; 400,000 silver; and 400,000 clad) are sold. First Business Bank will manage any assets generated for the NLBM through the commemorative coin program.
“We are ecstatic about our partnership with the Negro Leagues Baseball Museum and being named the Official Bank of the U.S. Mint Negro Leagues Commemorative Coins,” said Rob Barker, First Business Bank’s President of its Kansas City Metro market. “The legacy and history maintained by the NLBM is very important to preserve and we are honored to help promote this program to benefit their efforts and ensure their financial wellness in the years to come.”
In addition to its “Official Bank” designation of the commemorative coins program, First Business Bank will also be involved in various NLBM programs and events, including the 2022 Buck O’Neil Golf Classic being planned for August 16 at Shoal Creek Golf Course.
About the Negro Leagues Baseball Museum:
The Negro Leagues Baseball Museum (NLBM) is the world’s only museum dedicated to preserving and celebrating the rich history of African American baseball and its profound impact on the social advancement of America. The NLBM operates one block from the Paseo YMCA where Andrew “Rube” Foster founded the Negro National League in 1920. In 2006, the NLBM was designated as “America’s National Negro Leagues Baseball Museum” by the United States Congress.
About First Business Bank
First Business Bank specializes in Business Banking, including Commercial Banking and Specialty Finance, Private Wealth, and Bank Consulting Services, and through its refined focus delivers unmatched expertise, accessibility, and responsiveness. Specialty Finance solutions are delivered through First Business Bank’s wholly owned subsidiary First Business Specialty Finance, LLC. First Business Bank is a wholly owned subsidiary of First Business Financial Services, Inc. (Nasdaq: FBIZ). For additional information, visit firstbusiness.bank.
What is the partnership between First Business Bank and the Negro Leagues Baseball Museum?
First Business Bank has become the 'Official Bank' for the United States Mint Negro Leagues Commemorative Coins program, collaborating with NLBM on marketing strategies.
When were the Negro Leagues Commemorative Coins released?
The commemorative coins were released for sale on January 6, 2022.
How much revenue could the commemorative coin program generate?
The program could yield up to $6 million if all 850,000 coins are sold.
What types of coins are included in the Commemorative Coin program?
The program includes $5 gold coins, $1 silver coins, and half dollar clad coins.
How will the funds from the coin sales benefit the Negro Leagues Baseball Museum?
After the U.S. Treasury recoups its expenses, the funds will be distributed to the NLBM.
