The Illinois State University Board of Trustees today approved naming the University’s College of Business Building the State Farm Hall of Business.

The naming honors the long-standing partnership between State Farm and Illinois State. A formal naming ceremony for the building will take place on March 31, 2011.

State Farm Companies Foundation has been supportive of Illinois State over the years, with more than half of their funding going to programs within the College of Business. In 1999, a grant of $9 million provided seed money that helped to leverage additional funds for construction of the College of Business Building, which opened in 2005. In addition to financial support, State Farm is also an active partner with many academic, research and service initiatives within the College of Business. More than 4,000 Illinois State alumni work for State Farm, many in leadership roles within the corporation.

“The naming of the State Farm Hall of Business symbolizes and honors the commitment that State Farm has made to Illinois State University,” said Illinois State President Al Bowman. “State Farm’s financial support made it possible for us to construct a state-of-the-art building for our College of Business, which is ranked as one of the top 100 undergraduate business schools in the nation. The company’s ongoing support of academic programs and research has played an important role in helping the College of Business establish its excellent reputation.”

“State Farm is honored to be recognized for its ongoing commitment to the College of Business,” said State Farm CEO Ed Rust. “We’re proud of our long-standing relationship with the university and of the fact that more than 4,000 Illinois State alumni work at State Farm today.”