Investor Announcement: Nelnet to Open New Utah Industrial Bank

The Economic Development Corporation of Utah (EDCUtah) and the Utah Governor’s Office of Economic Development (GOED) are pleased to announce that Nelnet, Inc. will open an office in Utah, creating up to 52 high-paying jobs in the next five years. This location will be the headquarters for their recently formed banking operation and is their first Utah office. Capital expenditure is estimated to be $1 million.

“Nelnet will provide value to Utah students, families, and our financial services industry,” said Val Hale, GOED’s executive director. “Nelnet is an impressive company with diverse business interests. We welcome them to the state and are grateful for the high-paying, high-quality jobs they’ll provide.”

Nelnet is a diversified services company with roots in the administration and servicing of student loans. Since formation in 1978, the company has grown to become one of the nation’s largest loan servicers and has created new business lines to provide technology solutions in many education-related fields such as tuition payment plans, student information systems, and internet service. Seeking to further expand offerings for education-seeking families, Nelnet has recently been approved for an FDIC-insured Utah industrial bank charter.

“This new location is an important expansion for Nelnet. Our physical presence will give us access to the region’s incredible technology and financial services talent, who we are eager to put to work across our various business units,” said Andrea Moss, CEO of Nelnet Bank.

The GOED Board has approved a post-performance tax credit not to exceed $134,699. Each year that Nelnet meets the criteria in its contract with the state, it will earn a portion of the total tax credit.

“We congratulate Nelnet for successfully navigating a rigorous state and federal application process,” said Theresa Foxley, president and CEO of the Economic Development Corporation of Utah. “As one of the first industrial bank charters approved in a decade, it’s evidence of a more open approach by the FDIC, which is great news for Utah’s financial services industry.”

For more information, see the FDIC press release here: https://www.fdic.gov/news/news/press/2020/pr20034.html

Mike Flynn, chief operating officer, led this project for EDCUtah.

For more information, contact Mike at:
(801) 328-9742, mflynn@edcutah.org

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Thu, 04/09/2020 - 09:56