Norwegian top-tier football club FK Haugesund has signed a six-year stadium naming rights deal with banking group Haugesund Sparebank.

Under the terms of the deal covering the club’s 8,750-capacity venue, Haugesund Sparebank will also sponsor FK Haugesund’s shirts next season for both the men’s and women’s teams, replacing Sparebanken Vest.

In addition, the bank will support community projects and academy operations run by the club, which finished ninth in last season’s Eliteserien division.

FK Haugesund general manager John Harald Log said in a statement: “We are very pleased that Haugesund Sparebank has entered into an agreement that also includes the stadium name and we are very proud to have entered into a long-term agreement with a local and reputable company that comes with a nearly 100-year history.”

Haugesund Stadion first opened in 1920 but underwent a significant expansion in 2013 which saw its capacity increased to the present total. It has also twice hosted Norway’s under-21 team.

Bente Haraldon Syre, Haugesund Sparebank’s chief executive, said: “The whole package of the agreement is important, and with the networks that both we and FK Haugesund have in the area, we can do [a great deal] together to develop the region.”

Each year, the bank offers financial support to sports teams, cultural institutions and non-profit organisations in the area and by joining forces with the club to further strengthen the economic capacity of the region.