Sallie Mae to Consolidate Operations to Indiana
FISHERS, Ind. (Oct. 29, 2010) - The Indiana Economic Development Corporation, together with Sallie Mae (NYSE: SLM) today announced that the company will consolidate operations in Indiana as part of its company-wide restructuring effort following recent federal legislation. The consolidation, which is in process, is creating approximately 350 new jobs at Sallie Mae's existing facilities in Fishers and Muncie. The company's announcement is the fifth major jobs announcement of the week for Central Indiana.
Earlier this year, the company, which services more than $200 billion in student loans for undergraduate and graduate students, announced the closure of several operational centers and a business restructuring that will reduce operating expenses and total headcount. The company expected at the time that it would reduce its geographic footprint from 25 major locations across the country to between five and seven.
"We don't take pleasure in the misfortune of other states, but we see this opportunity for what it is - new jobs for Hoosiers," said Mitch Roob, Secretary of Commerce and chief executive officer of the Indiana Economic Development Corporation. "Sallie Mae is a leader in providing funding for college-bound students and today they're providing great news on top of other good news in Central Indiana this week."
Sallie Mae currently employs more than 2,600 associates at its Indiana facilities. The Fortune 500 company's decision to relocate jobs to the state brings Indiana's job commitments total this week to more than 2,500.
"Indiana is our largest employment center for good reason," said Albert L. Lord, Sallie Mae's vice chairman and chief executive officer. "We've been rooted here for decades and we value the talented and hard-working Hoosiers who make us the nation's leading saving, planning and paying for college company."
Founded in 1972, Sallie Mae employs more than 8,000 associates at service centers across the country. The company's significant presence in Indiana came with its acquisition of Indianapolis-based student lender and guarantor servicer, U.S.A. Group, in 2000. Sallie Mae opened its Muncie facility in 2006.
The Indiana Economic Development Corporation offered performance-based tax incentives to assist Sallie Mae's growth in Indiana.
Sallie Mae's corporate realignment in Indiana is the latest in a series of economic development announcements in the state this week. Earlier today St. Louis-based Ascension Health and Caterpillar Inc. subsidiary, Progress Rail announced more than 1,100 combined jobs at new facilities in Indianapolis and Muncie. On Tuesday, Indianapolis-based email marketing firm ExactTarget and Columbus Ind.-based engine maker Cummins Inc. announced headquarters expansions resulting in a combined 850 new jobs.
About Sallie Mae
SLM Corporation (NYSE: SLM), commonly known as Sallie Mae, is the nation's leading saving, planning and paying for education company. Sallie Mae's saving programs, planning resources and financing options have helped more than 31 million people make the investment in higher education. The company services $202 billion in education loans and serves 10 million student and parent customers. Its affiliate Upromise Investments, Inc., manages $27 billion in 529 college savings plans, and members of Upromise by Sallie Mae have earned more than $575 million in rewards to help pay for college. Sallie Mae offers services to a range of institutional clients, including colleges and universities, student loan guarantors and state and federal agencies. More information is available at www.SallieMae.com. SLM Corporation and its subsidiaries are not sponsored by or agencies of the United States of America.
Created by Governor Mitch Daniels in 2005 to replace the former Department of Commerce, the Indiana Economic Development Corporation is governed by a 12-member board chaired by Governor Daniels. Mitch Roob serves as the chief executive officer of the IEDC. For more information about IEDC, visit www.iedc.in.gov.