Two bears, together at last — or at least two bear logos.

Bank of the West was named the Official Bank of the University of California, Berkeley in late October. Both institutions use the now-extinct California grizzly bear (Ursus arctos californicus) in their logos. The ten-year deal is more than just a sponsorship, according to both the bank and the university. But what exactly is in it for both parties?

For one thing, it’s a way for a cash-strapped public school to get some much-needed funds. Bank of the West, a member of the BNP Paribas group, is sending some $17 million to the university as part of the deal, with money being allocated to merit-based scholarships, food pantries for the needy in the community, and financial education for both students and university employees, according to Solly Fulp, executive director of the newly formed university business partnerships and services role at UC Berkeley.

This is the second such deal Fulp has struck. The first was with Sungevity, an Oakland, Calif.-based solar energy firm.

Fulp emphasized that university stakeholders, particularly students, have a seat at the table in business deals of this kind. Students made certain the deal included doing something on behalf of the university staff, many of whom are unbanked.

The bank will therefore extend its Bank at Work program, which includes lower rates on loans as well as other advantages over traditional accounts, to university employees. Students will have access to a modified student account built around low fees and low barriers to entry, according to Andy Harmening, vice chairman of consumer banking at Bank of the West. “It’s a strong as any student account in the country,” he said.

The pool of potential customers for the bank is massive. UC Berkeley has some 37,000 students in both graduate and undergraduate programs, and employs more than 20,000 people, including faculty. Bank of the West will not receive payment for the number of accounts opened, and there is no sales goal for the forthcoming university branch, according to Harmening.

A single branch will be opened on campus sometime in 2016, along with seven ATMs, Harmening said. Interestingly, students will play an active role in the branch design, which is currently in the works. “We’re excited to see what they come up with,” Harmening said.

So the university gets some cash and access to financial services, and the bank gets privileged access to a pool of nearly 60,000 potential customers, as well as intelligence from student focus groups. This seems like something universities — and banks — all over the country should keep an eye on.