Business

Blue Hills Bank gets its name on waterfront pavilion

Never heard of Blue Hills Bank? Starting Jan. 1, its name will be tied to the likes of Sting and Beck.

Blue Hills Bank has won naming rights for the outdoor music venue on Boston’s waterfront that has long been called the Bank of America Pavilion and is operated by Live Nation.

The deal covers just under 10 years and the bank will pay close to the $300,000 annually that Bank of America paid, said William Parent, Blue Hills president.

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The venue will officially be called the Blue Hills Bank Pavilion.

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Bank of America Corp. decided against renewing its naming rights contract, which expired at the end of September. The country’s second-largest bank inherited the sponsorship from FleetBoston Financial Corp., which it took over in 2004.

The bank is betting the Seaport District will become a more residential neighborhood, helping Blue Hills expand its customer base and appeal to a younger audience, Parent said.

It is also looking to open a branch in the neighborhood, he said.

Deirdre Fernandes can be reached at deirdre.fernandes@globe.com. Follow her on Twitter @fernandesglobe.