Servus Credit Union was unveiled as the name sponsor for Red Deer's Downtown arena this morning.

Construction on the Servus Arena is currently ongoing, and expected to be completed by fall 2018, replacing the Red Deer Arena that was more than 60 years old.

Mayor Tara Veer says the downtown arena has been missed by many user groups over the last few years, and they can't wait to have it reopened.

"There is such a strong, proud history with respect to the Red Deer Arena, and so many different user groups. Skating, hockey, rodeo, circuses, community ceremonies. So it has certainly been missed the past couple years. We know that when it reopens, it will be an even stronger version of what it was before."

Servus Credit Union will be sponsoring the Red Deer Arena for $1 million over the next 15 years.

President and CEO Garth Warner says they've been looking for an opportunity to contribute to the Red Deer community.

"We have 6 branches in the area, a lot of members, and we do a lot of business here. Being a Credit Union giving back and building community is built right in to who we are and is a key reason for why we exist. So we'd been actively looking for an opportunity, and I don't think we could have found a better one."

The arena will feature an indoor walking track for the public to use, larger dressing rooms, and some flex space for community groups to use.

For construction updates and more information on the Servus Arena, click here.