Silicon Valley Bank, the primary subsidiary of SVB Financial Group (NASDAQ:SIVB), will open a support and back-operations facility in Salt Lake City, Utah, in the first half of 2006.
The facility is part of the company's business continuity strategy to ensure the continuous availability of critical client operations in the event of an unforeseen disaster.
"With the opening of this facility in Salt Lake City, we are ensuring that we can perform all essential operations independently, even if our resources in other parts of the country are temporarily or permanently disabled," said Lynda Ward Pierce, head of Human Resources for Silicon Valley Bank. "We are also gaining access to a qualified local workforce in a state with a high quality of life."
The company expects to employ 50 people at the Salt Lake City facility within the first year of operation. Employees at the facility will perform parallel loan processing and collateral functions, deposit account and transaction processing, research and reconcilement, customer service, information systems help desk and desktop support, and systems administration functions.
"This is a good fit for both the company and the state," said Utah Governor Jon M. Huntsman, Jr. "Silicon Valley Bank has a well-respected name and a long history of successful growth in a dynamic industry, and is exactly the kind of company we want to attract to our state. For SVB, Utah's well- educated workforce and ample infrastructure will support the company's growth today and well into the future."
Silicon Valley Bank has an active base of commercial lending clients in Utah and has been calling on the state for more than a decade. The company will continue to serve these clients from its Portland, Oregon, office; lending, deposit, and investment services will not be offered through the Salt Lake City facility at this time.