HIDALGO — The home of the Killer Bees and the Vipers will now be known as State Farm Arena.

The insurance giant with its ubiquitous slogan, “Like a good a neighbor, State Farm is there,” will adorn the 6-year-old Hidalgo landmark in what officials said is the first sponsorship of its kind for the Illinois-based company.

“Buenas noches, Hidalgo,” Mike Hargis, State Farm’s vice president for Texas said upon taking the stage Thursday night as the arena’s new, red-and-white logo was revealed on a screen behind him.

“We’re very proud to be the new title sponsor,” Hargis said.

Hidalgo city officials, who ardently kept the identity of the new sponsor secret throughout months of negotiations with several different companies, revealed the name change during a lavish party for the arena’s sponsors and club seat holders Thursday night.

The city’s mayor, John David Franz, said Hidalgo finalized the deal last week, with State Farm paying “slightly” more for the naming rights than Dodge did. He was unable to provide details of the contract and referred a reporter to City Manager Joe Vera, who could not be reached for comment.

“We are very excited,” Franz said. “State Farm is a nationally known company. It brings a lot of credibility.”

Completed in 2004, the multi-purpose arena is home to the Rio Grande Valley’s minor league hockey team, the Killer Bees, and an NBA Development League franchise, the Vipers. The venue has hosted Shakira, Aerosmith, George Strait and comedian George Lopez.

State Farm, a major auto insurance provider, replaces Dodge as the arena’s sponsor after the automaker declined to renew its contract last year.

Patti Kelly, a spokeswoman for State Farm, said the company is sponsoring the arena because of the Valley’s tremendous growth and because of the company’s large Valley presence. State Farm has 39 agents and 240 employees in the region.

She declined to provide details of the contract Thursday night.

All things Dodge will be removed from the arena over the next two weeks, officials have said. While Dodge showed off its vehicles when it was the arena’s sponsor, State Farm will have insurance agents in kiosks at arena events, Franz said.