The Jacksonville Jaguars have reached five-year agreement with Jacksonville-based EverBank on a naming rights deal for Jacksonville Municipal Stadium, Chet Fussman and Tia Mitchell of the Florida Times-Union report.

Financial terms were not disclosed, but according to the Times-Union, the Jaguars were seeking $5 million annually in their quest for a naming rights agreement.

Though Jacksonville Municipal Stadium is owned by the city of Jacksonville, the team will reportedly receive 75% of the revenue, with the city receiving 25%.

"I’m ecstatic if economically it’s going to bring some financial benefit that will take a lot of strain off the Jaguars and off the taxpayers," Jacksonville City Councilman Johnny Gaffney said on Monday.

For more background on EverBank, and the history of the stadium naming rights, click here.