Following the acquisition, Wingspan announced that they will invest $2 million at the Chase center building and occupying 71,000 square feet.
Wingspan also said they were retaining the existing 400 Chase employees at the customer service center, and would add another 532 jobs at the facility over the next ten years.
On top of that, Chase said it plans to retain some space on two floors of the seven-floor building, and will continue to house around 109 employees in the legal affairs section and for offering support services for U.S. military members.
Apart from these 109 employees, Chase also has 1,200 employees at another mortgage records and imaging facility close to the Monroe Regional Airport. Overall, Chase continues to employ 4,200 people in Louisiana.
Louisiana Economic Development (LED) estimates that the Wingspan project will support creation of another 609 indirect jobs, adding up to a total of more than 1,100 new jobs for Northeast Louisiana.
Wingspan Portfolio Advisors CEO Steven Horne said the new addition expands Wingspan‚Äôs ability to respond to client needs. He said they often have to scale quickly and effectively to help clients as their priorities change, and this new acquisition will help the company respond with significant speed and high quality.
In order to secure the project, LED‚Äôs Business Expansion and Retention Group (BERG) offered Wingspan an incentives package that includes a $600,000 performance-based grant as reimbursement of the company‚Äôs lease costs, and a $500,000 grant as reimbursement for renovation costs. These are performance-based grants that will be paid out in instalments.
Wingspan is also eligible for incentives under Louisiana‚Äôs Quality Jobs Program, and will receive recruitment and workforce training support from LED FastStart.
Monroe Mayor James E. “Jamie” Mayo, who himself has more than two decades of experience working for companies such as Chase Manhattan Mortgage Corp. and Allstate Insurance, said they were excited to welcome Wingspan to the community. He said their initial meeting with the Wingspan leadership not only helped retain much-needed jobs, but will also create additional opportunities for Monroe residents.
This is Wingspan‚Äôs third such acquisition this year. In February, Wingspan concluded a similar deal with JPMorgan Chase for acquiring a mortgage-servicing facility with 400 employees in Melbourne, Florida. All told, Wingspan now has more than 2,000 employees across all their facilities.
Sue Nicholson, president and CEO of the Monroe Chamber of Commerce, said Wingspan‚Äôs acquisition of the JPMorgan Chase facility in Melbourne and the subsequent transition was very successful, and said they were anticipating an equally successful acquisition in Monroe too.