Subject: Sallie Mae weighs new $100M HQ in Delaware
From: "Eric Schwerin" <[email-masked]>
To: "Hunter Biden" <[email-masked]>
Date: Thu, 1 Jul 2010 22:17:47 -0400

Sallie Mae weighs new $100M HQ in
Delaware<http://www.philly.com/philly/blogs/inq-phillydeals/Sallie_Mae_to_move_HQ_from_VA_to_Wilmington.html>

Sallie Mae, the student-loan servicing company, *will move its headquarters
from Reston, Va. to a new office in
Delaware*<http://www.salliemae.com/about/news_info/newsreleases/070110.htm>
next
year, Sallie Mae chief executive Albert Lord and
Delaware<http://topics.philly.com/topic/Delaware>
 Gov. Jack Markell said in a statement. The company will likely locate near
Newark <http://topics.philly.com/topic/Newark>, Del., where it currently has
an office employing around 900.

Delaware's small Congressional delegation mostly backed Sallie Mae in its
unsuccessful fight to prevent Congress from cutting the subsidy to Sallie
Mae and other private companies that make student loans using government
money. Sallie Mae says it will continue as a provider of higher-rate private
student loans, and collecting government loans to students.

The new student loan law took effect yesterday, and Sallie Mae plans 30
percent cuts to its national workforce, notes bond analyst Kathleen Shanley
of Gimme Credit LLC in a note to clients today. Sallie Mae is also weighing
plans to set up a separate bank-holding company, according to analyst
Michael Taiano of Sandler O'Neill + Partners.

Sallie Mae could spend up to $100 million on a new headquarters in an as-yet
undisclosed location, and will hire contract workers in the Dover area to
service loans, the governor's office said. "Or it could be $0," spokeswoman
Martha Holler told me. "We haven't decided" on a new building, or not.
Delaware will give Sallie Mae a grant of up to $3 million. The current
Newark office is run by Jack Hewes of West Chester, an Upper Darby native
who used to be an executive with the former credit card lender MBNA Corp.

Read more:
http://www.philly.com/philly/blogs/inq-phillydeals/Sallie_Mae_to_move_HQ_from_VA_to_Wilmington.html#ixzz0sUHWwic9

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-- 
Eric D. Schwerin
Rosemont Seneca Partners
(202) 333-1880
[email-masked]