In a joint interview, the bank and the Boston Athletic Association, the marathon’s organizer, said Bank of America is helping support the race in many ways, including its efforts to help the marathon raise more than last year’s $40.2 million for charity. Their goal this year: $50 million.
From the beginning of the association’s search for the marathon’s next sponsor, Bank of America was eager, said Jack Fleming, CEO of the Boston Athletic Association.
“Bank of America was the first to raise their hand and say, ‘Hey, we think that could be great alignment,’” Fleming said.
It’s unclear how much Bank of America is paying for the sponsorship deal; both the bank and the BAA declined to comment.
Bank of America took over John Hanco*ck’s slot as principal sponsor of the marathon for the past 38 years. John Hanco*ck’s sponsorship helped elevate the race on the world stage with big prize money, according to the BAA, and the open division winners now earn $150,000. Bank of America hopes to expand upon that growth of the race and its impact, including through ads on public transit, television, and radio that focus on the runners and their causes.
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This year, the BAA was able to expand the number of its para athletics divisions and increase those divisions’ prize amounts. Marathon wheelchair winners will receive a $40,000 prize, up from $25,000.
The marathon partnership is a strategic move for Bank of America, helping boost its public image, said John Fisher, a marketing professor at Boston College and former CEO of Saucony, the running shoe brand.
“The Boston Marathon has no equal when it comes to iconic and social significance, certainly in the world of running,” said Fisher. “It’s just so highly regarded that the Boston Marathon becoming part of the Bank of America extended identity is all additive.”
Given John Hanco*ck’s prior decades-long partnership with the marathon, it may take time for the general public to associate Bank of America with the race, Fisher said. But, he said, the affiliation may increase the bank’s goodwill in the community, and if the sponsorship resonates with runners, they will likely show their appreciation in ways like opening a bank account with the company — leading to a return on investment.
The BAA said it felt confident about its decision to partner with Bank of America because of the firm’s prior involvement in the running world. The bank has been the title sponsor of the Chicago Marathon since 2008, now called the Bank of America Chicago Marathon.
But Bank of America said the Boston Marathon’s name would remain unchanged.
“This is the world’s oldest annual marathon, and we didn’t want to disturb that at all,” said Miceal Chamberlain, Bank of America’s Massachusetts president. “It’s iconic, and it lives, and we want it to live.”
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“It’s not about Bank of America,” Chamberlain added, citing the race’s rich history.
That sentiment made the early sponsorship conversation “easy,” Fleming said.
Even though the new partnership didn’t change the name of the race, it did change the medals for finishers. The newly redesigned hardware — sure to show up in runners’ social media posts — includes the bank’s name at the bottom, whereas John Hanco*ck’s logo was solely on the ribbon. Some marathon runners are unhappy with Bank of America’s prominent logo placement, the New York Times recently reported.
“After years and years of not having it on the actual metal part of the medal, I can see why this would be disappointing to people,” professional runner Katie Kellner, 32, of Allston, told the Globe. But she added: “Having Bank of America on board is really important and actually allows this race to even take place.”
Other runners don’t mind, like 13-time Boston Marathon finisher Tom Derderian, who said putting the company’s name on the medal is a business necessity.
“For Bank of America to put money into the marathon, they have to justify it somehow with enough promotion,” said Dederian, a Greater Boston Track Club coach and executive producer of the marathon documentary, “Boston: An American Running Story.”
Bank of America and the BAA declined to comment on the medal redesign.
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For Bank of America, the sponsorship has imbued its office culture with a sense of pride, Chamberlain said. More than 200 bank employees are participating in the marathon and other workers will volunteer and cheer, he said.
Naledi Motshegwe, a client relationship manager at Bank of America who is running the marathon, said the office has been abuzz with pre-race excitement.
“It’s amazing,” said Motshegwe, who works in a Wellesley location. “On marathon day, I’ll be able to see everybody that I know through the whole route.”
Esha Walia can be reached at esha.walia@globe.com.
