Another bank comes to Charlotte — this time from the Silicon Valley
A California-based bank with a tech slant is planning an expanded office presence in Charlotte, according to a company spokeswoman.
Silicon Valley Bank, based in Santa Clara, California, has received a county building permit for a $7 million renovation of Suite 1100 at The Line, a 16-story tower in South End that opened last May. The permit, first reported by The Charlotte Ledger newsletter, was issued Dec. 29.
The bank is entering a market dominated by big players like Bank of America, Wells Fargo and Truist. Combined, those three banks alone control about 92% of deposits in the area.
SVB Securities, the bank’s investment banking division, already moved into an office in the building last month, according to bank spokeswoman Lucy Muscarella. The bank will be opening additional office space in the building this year, said Muscarella, who declined to provide further details now.
The bank is hiring for several open positions in Charlotte — including analyst, risk and loan servicing roles — according to postings on jobs site Indeed.
Silicon Valley Bank is a commercial bank with a focus on startups, technology and healthcare companies, according to its website. The bank has worked with clients like ZipRecruiter, Wayfair and Pinterest.
Silicon Valley Bank has offices throughout the U.S. and additional locations in countries like India, China and Denmark. It was established in 1983 and has $213 billion in assets. SVB Securities is based in Boston.
The bank’s offices include one other location in North Carolina, based in a WeWork space in Raleigh.
Other banks competing for the Charlotte market
Charlotte’s strong economy and busy financial sector have attracted a number of new banks to the city in the past year, from retail banks to international clearing houses.
The U.K.-based Bank of London announced a new uptown office in August, with plans to add 350 jobs locally.
And TD Bank started expanding in Charlotte in September. The New Jersey-based subsidiary of the Canadian bank is planning 15 branches here over the next few years.
This story was originally published January 9, 2023 at 2:54 PM with the headline "Another bank comes to Charlotte — this time from the Silicon Valley."
