PHILADELPHIA (CBS) -- The Sixers announced a new partnership with Firstrust Bank on Thursday. The move comes after Wells Fargo, the banking institution with the naming rights for the Sixers' home arena, declined to renew a partnership with the team.

The move by Wells Fargo led the Sixers to decide to no longer refer to the arena as the "Wells Fargo Center," instead choosing to call it "The Center."

Sixers CEO Scott O'Neil said on SportsRadio WIP that the decision was made because "a partnership's a two-way street."

The Sixers deal with Firstrust is their first with a bank since the relationship with Wells Fargo ended.

Firstrust will become the main sponsor for the Sixers' annual "Row 1 Dinner," hosted by head coach Brett Brown. The Sixers' coach welcomes front row season ticket holders for a dinner and greeting session.

Firstrust will receive interactive campaigns from the Sixers on their digital and social platforms, but will not receive signage within the Wells Fargo Center, according to the Philadelphia Business Journal.