KY: Gov. Beshear Announces Jefferson National Financial to Expand Operations, Move Corporate Headquarters to Louisville
8 Feb, 2012
Financial firm to create 95 professional jobs, invest $4 million
Governor Steve Beshear today announced Jefferson National Financial Corp. (JNFC) will relocate its headquarters from New York to Louisville, creating 95 jobs at an average annual salary of more than $85,000. Jefferson National Financial also plans a 16,000-square-foot expansion to its existing or nearby facility in Louisville.
“This is a tremendous victory for the Commonwealth, with Jefferson National Financial bringing a multi-million dollar investment and nearly 100 high-paying jobs to Kentucky,” Gov. Beshear said. “Headquarters not only create jobs but they also bring strong and dynamic business leaders to the area, helping our efforts in economic development.”
Jefferson National Financial serves more than 43,000 customers nationwide and distributes innovative financial products and services through a nationwide network of 1,600 Registered Investment Advisors (RIAs) and other independent fee-based advisers.
JNFC currently has 55 employees in its Louisville facility. The expansion project plans to expand or relocate the current 14,000-square-foot facility into 30,000 square feet in eastern Jefferson County.
“Over the next five years, Jefferson National plans to increase significantly our workforce here in Louisville as we expand our successful financial services business. The incentives that we received from the Commonwealth of Kentucky will be important to supporting the growth and expansion of our Louisville operations,” said Mitchell H. Caplan, CEO of Jefferson National. “By supporting our city and supporting the growth of companies like ours, the Cabinet for Economic Development and Greater Louisville Inc. are truly changing our region for the better. Jefferson National is very proud to be a part of this great community, we are grateful for the recognition, and we look forward to building our presence here in Louisville.”
To encourage the headquarters expansion in Louisville, the Kentucky Economic Development Finance Authority preliminarily approved the company for tax incentives up to $2 million through the Kentucky Business Investment program. The performance-based incentive allows a company to keep a portion of its investment over the term of the agreement through corporate income tax credits and wage assessments by meeting job and investment targets.
“Jefferson National’s major commitment by consolidating its offices and operations in Louisville demonstrates the confidence in our community’s quality of life and business environment,” said Louisville Mayor Greg Fischer. “With an improving economy, financial investments products and services, such as what Jefferson National offers, are only going to be in higher demand. This investment and 95 new jobs are a welcome addition to our community.”
“This expansion is not just an investment in Jefferson National Financial Corp., but is also an investment by the Commonwealth of Kentucky in our local economy,” Sen. Gerald A. Neal, of Louisville, said. “This project will provide additional good-paying jobs for the Jefferson County area. I am pleased it has chosen to grow its operation right here in Jefferson County.”
“I want to thank Jefferson National Financial for taking this step to expand and for re-locating its headquarters here to Jefferson County,” Rep. Larry Clark, of Louisville, said. “Both of these actions bode well for our community and the company’s long-term future. I’m glad that the state could help make this possible.”