Chase Expands Retail Branches to All Lower 48 States

Rhea-AI Summary

Chase has opened bank branches in all lower 48 states, marking a significant expansion milestone. The first branch in Billings, Montana, follows openings in several states earlier this year. The initiative is part of a plan to open 400 new branches by end of 2022, with 220 already launched. Approximately 30% of these branches will be in low-to-moderate income areas. Chase aims to hire 3,000 employees for these new locations. The expansion also grants Qualified Public Depository status, enabling the bank to serve essential community institutions.

Positive

• Chase opened branches in all 48 contiguous states, enhancing national presence.
• Plans to open 400 branches by end of 2022, with over 220 branches already established.
• 30% of new branches will cater to low-to-moderate income communities.
• Chase aims to hire 3,000 employees, boosting local employment.

Negative

• None.

Chase today announced that it has officially opened bank branches in all of the lower 48 states, marking an important milestone in its expansion plans and as the first national bank to have a retail presence in the contiguous United States. The bank opened its first branch in Billings, Montana earlier this week following openings in Arkansas, Iowa, Maine, Mississippi, New Mexico, North and South Dakota, Wyoming and Vermont in July.

(Graphic: Business Wire)

The bank is more than halfway through its plans to open 400 branches in new markets by the end of 2022. Since announcing expansion plans in 2018, Chase has opened more than 220 branches and entered 25 new states and the District of Columbia. Approximately 30 percent of these branches will be in low-to-moderate income communities.

“This is an important milestone for us. We are proud to be able to bring the power of our branches to more households, businesses and communities across the country,” said Jennifer Roberts, CEO of Chase Consumer Banking. “For us, it’s important that our branches serve as community anchors connecting our neighbors and local businesses to critical resources that meet their financial needs and help them build a secure financial future.”

As part of its branch expansion, Chase expects to hire 3,000 employees in these new branches by the end of 2022, with more than 2,000 hired so far. More than 75 percent of hires are external to the firm and local to their community.

“When we talk about entering new markets, we’re talking about our own communities, our own neighborhoods. We’re hiring locally and are bringing all the benefits our firm has to offer to drive economic growth,” said Dan Deegan, Head of Market Expansion at JPMorgan Chase. “We’re designing branches that allow us to effectively serve our customers and that reflect the vibrancy and diversity of each one of our communities.”

Additionally, the expansion will grant Chase Qualified Public Depository status across the contiguous United States, allowing the bank to serve vital community institutions including local governments, municipalities and universities.

Chase’s branch expansion builds on its ongoing investment in its retail network. Last October, the firm committed to opening 16 new Community Center branches, designed with extra space for the community to host financial health workshops, small businesses pop-ups and technical training sessions. These branches are placed in historically and culturally significant communities that lack access to traditional banking – often urban areas with larger Black and Latinx populations.

Chase plans to complete its 400 branch expansion effort by the end of 2022. To check for updates or to learn more about Chase’s branches, products and services, please visit Chase.com.

About Chase

Chase is the U.S. consumer and commercial banking business of JPMorgan Chase & Co. (NYSE: JPM), a leading global financial services firm with assets of $3.7 trillion and operations worldwide. Chase serves more than 60 million American households with a broad range of financial services, including personal banking, credit cards, mortgages, auto financing, investment advice, small business loans and payment processing. Customers can choose how and where they want to bank: More than 4,800 branches in 48 states and the District of Columbia, 16,000 ATMs, mobile, online and by phone. For more information, go to chase.com.

View source version on businesswire.com: https://www.businesswire.com/news/home/20210804005697/en/

FAQ

What recent expansion milestone has Chase achieved regarding its banking branches?

Chase has officially opened branches in all lower 48 states, making it the first national bank with a retail presence across the contiguous United States.

How many branches does Chase plan to open by the end of 2022?

Chase aims to open a total of 400 branches by the end of 2022.

What percentage of Chase's new branches will be in low-to-moderate income communities?

Approximately 30% of Chase's new branches will be located in low-to-moderate income communities.

How many employees does Chase plan to hire for its new branches?

Chase plans to hire 3,000 employees for its new branches.

What status will Chase achieve through its branch expansion?

Chase will gain Qualified Public Depository status across the contiguous United States, allowing it to serve local governments and institutions.