El Paso

Mayor laments loss of jobs after reports Pacific Union Financial is closing

Pacific Union Financial closed-

El Paso, TX - El Paso Mayor Dee Margo Tuesday reacted to reports Pacific Union Finance is closing its doors in El Paso, saying the company ran into hard financial times.

The mayor lamented the loss of jobs. "Especially at the level that they were going to pay and the number of employees we were talking about. But it appears it's not El Paso, it has nothing to do with us. It has nothing to do with our workforce, or environment, or anything else. It appears to be of a corporate nature across the board," Margo said.

Margo said he has not spoken to the Pacific Union Finance's CEO to try to find out what happened. 

Monday, Workforce Solutions of El Paso confirmed several people arrived at its offices requesting assistance. Representatives with Workforce Solutions declined to speak with ABC-7 on camera, but Communications and Public Affairs Manager Romie Ruiz told ABC-7 Workforce Solutions sent its rapid response unit to the Pacific Union Financial location and learned the building was "gated-up."

Pacific Union Financial opened earlier this year, with the promise to invest more than $1 million in the community. In December of 2017, The City and County of El Paso worked in collaboration to give Pacific Union tax incentives totaling more than $300,000.  In return, Pacific Union promised to create 699 jobs.

Margo Tuesday reassured El Paso taxpayers the City did not lose any money on the deal.

ABC-7 went to the Pacific Union Financial location to investigate. The doors were locked, and the parking lot was empty.  Two security guards were seen on site.  The security guards indicated they were not able to give any comment. 

Monday, Jessica Herrera, Director of Economic Development for the City of El Paso, told ABC-7 her office had not yet received any formal closure notice from Pacific Union Financial. "In this case, we have still not been able to make contact with the company so we cannot speak on behalf of the company, or why they have closed its operation here in El Paso. What we can say is that we are addressing the employees right now that are transitioning, and making sure that we provide them with the resources that are available," Herrera said. 

County Judge Ruben Vogt, who worked to bring the company to El Paso, also told ABC-7 his office had not received any formal notification of Pacific Union closing.  "If the reports are confirmed it is unfortunate, because this was a great collaboration between City and County to bring quality jobs and development to El Paso," Vogt said. 

Vogt also stated no incentive money has been given to Pacific Union yet. 

ABC-7 has reached out to Pacific Union but has not received a reply.


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