Utica among possible choices for international bank's new location

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Utica among possible choices for international bank's new location

By EVAN WHITE

Story Created: Mar 6, 2008 at 11:36 AM EDT

Story Updated: Mar 6, 2008 at 5:22 PM EDT

UTICA - The Standard Chartered Bank is an international company whose roots date back more than 150 years, and its future may be in downtown Utica.

Mayor David Roefaro says bank officials visited Utica as recently as January, and that the city is competing with Newark, New Jersey for the additional location. Currently, Standard Chartered has two banks in the United States - one in New York City and another in California.

The building is home to several businesses already, which Roefaro says will likely stay if the bank does come. The mayor says this is part of his plan to rebuild downtown, receiving help from Mohawk Valley Edge, as well as state and county officials.

Mayor Roefaro believes the bank could mean as many as 300 jobs for the area.

"They loved our community, they think it's a good place, and financially it makes sense for them, because they can do business here far cheaper than they could near New York City," Roefaro said.

They are looking to cut costs and are looking for a community that will work with them. The city is working with the economic development corporation through the state.

Roefaro went on to say an incentive package will be offered through Empire Development from the state.

Elaine Chin, a spokeswoman for Standard Chartered, confirmed that the bank is considering Utica and Newark, but was unable to provide other information regarding an additional location.

The mayor hopes to find out if Utica gets the bank location within 60 days. The bank would not confirm that.

Thursday, Mar 20 at 12:28 PM NEEDING A CHANGE wrote ...

I would be the first to apply. I currently have foreign currency background and so do many others in Oneida county. As long as the pay is competitive, I think it would give another bank in the area a run for their money.

Friday, Mar 7 at 10:52 AM CP wrote ...

Utica v. Newark for the opportunity to play host to a foreign bank...does anyone else already see the clear winner here? For those who don't, here's a hint: the winner is the city that is 7 miles away from the heart of Manhattan and the city that has its own international airport. Utica sees it as a sign of progress that a company "might" move into downtown? Yikes. It would be amusing if it weren't so sad. Hey Roefaro, call a press conference when you actually CREATE jobs.

Friday, Mar 7 at 8:58 AM "C" wrote ...

Sounds like a great opportunity to bring new jobs to the area. I hope it goes through. Any idea where 300 people will park their cars downtown?

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