Wingspan Portfolio Advisors acquired the customer service operations at the JPMorgan Chase home mortgage finance center on 19th Street in Monroe, Louisiana. Wingspan will invest $2 million to renovate the majority of the seven-floor building and occupy 71,000 square feet million at the Chase Center. Wingspan plans to retain 400 Chase employees, while creating 532 jobs over the next 10 years.
In addition, Chase will retain space on the first and fifth floors, where it will continue to employ 109 people in legal affairs and support services for members of the U.S. military services.
“With this new addition, Wingspan expands its ability to respond to clients’ needs with superb customer service capabilities,” Wingspan Portfolio Advisors CEO Steven Horne said. “We are often called upon to scale quickly and effectively to help our clients as their priorities change, and this acquisition enables Wingspan to react with significant speed and very high quality.”
“This is a great opportunity to take care of our employees and offer their value and experience to a company that’s building a strong servicing platform,” said Chase Mortgage Banking CEO Kevin Watters. “Monroe continues to be an important community for Chase.” Chase will continue to employ more than 1,900 people in Northeast Louisiana.
Gov. Jindal Bobby said, “Today’s announcement is a great win for Northeast Louisiana. Wingspan’s investment will result in more than 1,100 new jobs for our people in this area, and it will retain the Chase employees of the mortgage-servicing business it is acquiring. At the same time, Chase will continue to be one of the largest private sector employers in all of Northeast Louisiana. Wingspan’s investment in this area will support Monroe’s economy for years to come, and we’re proud that Wingspan selected Louisiana because of our outstanding workforce, great infrastructure and strong business climate.”
As an incentive to secure the Monroe project, LED’s Business Expansion and Retention Group offered a custom incentive package that includes LED FastStart, the state’s workforce training program, along with a performance-based grant of $600,000, payable in three annual installments through 2015, to reimburse facility lease costs.
Wingspan also will receive a performance-based grant of $500,000, payable in two annual installments in 2013 and 2014, to reimburse building renovation costs. The company also is expected to utilize Louisiana’s Quality Jobs Program.