Bank of America Corp. has signed a five-year deal as the official bank of NASCAR. The bank shared details of the agreement with The Associated Press before the public announcement Monday. The multiyear deal greatly expands Bank of America’s sponsorship of stock car racing, while also marking a change in how NASCAR lines up sponsors.

NASCAR has begun to reduce its sponsor base by consolidating deals and seeking opportunities to cover entire industries in one deal. Bank of America already has an “official bank” deal in place with baseball, long known as the national pastime. Now, the nation’s No. 2 bank adds a similar deal with a sport widely viewed as the nation’s fastest-growing. A person familiar with the agreement put the overall value of the five-year deal between $15 million and $20 million.

Under the deal, Bank of America will be NASCAR’s exclusive sponsor for banking and related financial services, including checking and savings accounts, credit and debit cards, mutual funds and securities brokerage services. The company gets the right to use the NASCAR logo and name in marketing and advertising promotions through 2011.

Associated Press