PHILADELPHIA -- The Philadelphia Phillies' new ballpark will be named Citizens Bank Park.

Citizens Bank bought the naming rights and an advertising package from the team for $95 million, a bank spokeswoman said Tuesday.

The team scheduled a news conference for later Tuesday at the site of the ballpark to announce the deal. The deal was first reported by The Philadelphia Inquirer and Philadelphia Daily News.

"We saw this as a once-in-a-lifetime experience," said Stephen D. Steinour, the bank's chairman and chief executive officer. "We do business in seven states, and this was the only stadium-naming opportunity out there."

The naming rights cost $57.5 million over 25 years, or $2.3 million per year. The bank also will pay the Phillies an additional $37.5 million for advertising on Phillies radio and television broadcasts.

The Phillies will begin playing at the park next season.