Silicon Valley Bank (SVB) has announced it will hire at least 220 employees as part of plans to open an IT and operations facility in Tempe, Arizona, this year.

SVB is the commercial banking division of SVB Financial Corp. based in Santa Clara, California, and specializes in providing capital and financing to entrepreneurial companies (from startups to multibillion-dollar corporations). It has 26 offices in the U.S.

"The mission of Silicon Valley Bank to provide financial services to the technology, clean-tech, life science and winery industries is in perfect harmony with Arizona's vision for the future of economic development," said Gov. Jan Brewer.

SVB President/CEO Greg Becker said the firm chose Phoenix primarily due to its available qualified candidates, quality of life, proximity to its California headquarters, and the number of technology and life science businesses already in the Valley.

Discussions are currently under way for SVB to receive incentives through the Arizona Commerce Authority's $25 million Arizona Competes Fund.