Multi State Financial Institution - Incentives

Silverlode helped preserve a regional bank headquarters and over 1,000 financial services jobs for a Midwestern city.

Multi State Financial Institution

Service(s):

Incentives

Opportunity:

A multi state financial institution purchased a regional Midwest bank and needed to understand the feasibility of maintaining two headquarters facilities. The company hired Silverlode to assess the feasibility of maintaining the regional Midwest headquarters or consolidating it into the existing East Coast headquarters.

Solution:

Silverlode analyzed the feasibility of maintaining a regional headquarters and determined that it would be a viable option only with the assistance of economic incentives. In the short run, the lower cost alternative was to consolidate the regional headquarters into the existing headquarters. However, there were compelling economic reasons to maintain a regional headquarters as a long term solution. Silverlode helped to close the short term cost gap by negotiating with state and local governments to secure a complicated incentives package worth over $10 million.

The preservation of a regional headquarters enabled the retention of nearly 1,000 jobs and the attraction of significant capital investment in a distressed section of the Midwest community’s downtown. The project was completed successfully and the client is currently operating and growing in the geographies in which Silverlode provided assistance.