JPMorgan Chase & Co, commonly known as Chase, is set to invest $30 million in Lincoln Parish. This strategic investment would fund the development of a new Operations Center that would create a number of new jobs for the Ruston area. Upon its completion, the Ruston facility would become a hub for global document custody services and support the expanding operations of Chase’s corporate center in Monroe, Louisiana.
“Ruston proudly celebrates JPMorgan Chase & Co's substantial $30 million investment, accompanied by the creation of new jobs,” said City of Ruston Mayor Walker. “This collaboration stands as a true testament to the extraordinary potential that the City of Ruston holds. A partnership like this goes to show the confidence in Ruston's readiness for a future that will contain opportunities for everyone.”
Chase, a leading global financial services firm, has 2,000 employees in Louisiana, with nearly half of those employees based in its corporate facility in Monroe. Chase also has 100 branches statewide and serves 944,000 consumer customers and 98,600 small businesses across the state.
“We are working toward expanding our presence in Ruston,” said Tania Hilburn, Chase Managing Director and location leader of the Monroe campus. “We look forward to providing more details in the near future.”
To secure Chase’s new Operations Center in Ruston, the parish provided the company with a competitive incentives package that includes property and sales tax abatements. A Payment In Lieu Of Taxes agreement will be awarded contingent on the company’s creation of up to 200 full-time positions in Lincoln Parish over a course of time.
“The Police Jury is excited to partner with other local agencies to provide opportunities for economic development and growth in Lincoln Parish,” said Richard I. Durrett, Lincoln Parish President. “JPMorgan Chase is a global organization that will impact our parish long-term by providing well-paying jobs and community enhancement.”
The City of Ruston is a prime logistical location due to its proximity to the Monroe corporate site, while still operating and sustaining services on a separate electrical grid. Construction is predicted to begin within the coming six months and conclude the following year, pending the completion of due diligence and closing on the real estate. With this timeline, recruitment to fill the needed positions could begin in late 2024.
“Lincoln Parish is steadily growing due in part to its strong business-friendly environment, and investments like this are a testament to that,” said Justyn Dixon, President and CEO of North Louisiana Economic Partnership. “This company has a history of pouring into their communities and uplifting the workforce by fostering partnerships with local organizations and universities. The City of Ruston is seeing this commitment and success as well.”