Chase Opens Innovative Community Center Branch in West Philadelphia

Rhea-AI Summary

Chase has opened its first Community Center branch in West Philadelphia, part of an initiative to expand access to financial services. This branch is unique, offering specialty financial workshops, mentorship for entrepreneurs, and a community space—all free to customers and non-customers. Chase plans to open 30 additional branches in the Philadelphia area by 2024, increasing their total to 80. The bank is committed to enhancing economic opportunities, particularly for underserved communities, and supports homeownership through grants and assistance programs. CEO Jamie Dimon emphasized their dedication to community growth and financial resilience.

Positive

• Opening of the first Community Center branch in West Philadelphia.
• Plans to open 30 more branches by 2024, increasing total branches to 80.
• Offering free financial health workshops and mentorship to local entrepreneurs.
• Homebuyer grant of $5,000 available for eligible buyers in minority communities.

Negative

• None.

Bank to open 30 more branches in Philadelphia region through 2024

PHILADELPHIA--(BUSINESS WIRE)-- Today, Chase marked the grand opening of a new Community Center branch in West Philadelphia, the first of its kind in the city and only one of 15 Community Centers nationwide.

The West Philadelphia Community Center, located at 15 S. 52^nd Street, aims to expand access to banking, tools and advice that helps customers get on a path to financial health and resilience. The location looks and feels different from a “typical” bank – it combines a modern design, spacious layout, and state-of-the-art banking technology, reflecting how customers engage with Chase today. Offerings include:

• Specialty financial health workshops on topics such as budgeting, credit and homeownership, for both individuals and groups
• Free one-on-one mentorship support to help local entrepreneurs grow, start or expand their small business
• A community “living room” area to serve as event space for partner nonprofits
• Wi-Fi for community groups and individuals to utilize for remote learning and work

All Community Center branch services and programming are free and open to Chase customers and non-customers alike.

“This is an incredibly important market for us,” said Jamie Dimon, CEO, JPMorgan Chase. “As our company grows in this region, we’re committed to providing greater economic opportunity for more residents, especially for underserved populations. We’re bringing the best of our business to support more households and businesses, and strengthen the local economy.”

“Our branches allow us to be there for our customers to help them not only with their financial needs, but their hopes and dreams,” said Jennifer Roberts, CEO of Chase Consumer Banking. “From opening a savings account to buying a home and planning for college or retirement – our goal is to bring the tools and services that help our customers and communities build a strong, and resilient financial future. We are proud to bring the power of our branches to more households, businesses and communities across the region.”

Increasing Access to Homeownership

As part of the branch’s customer offerings, Chase Home Lending is offering a $5,000 homebuyer grant to help cover closing or down payment costs for qualified homebuyers purchasing a home in Black, Hispanic or Latino communities across the nation. This benefit is currently available in more than 200 neighborhoods in Philadelphia; check to see if a property is eligible with the Homebuyer Assistance Finder at Chase.com/affordable.

Chase has also furthered its commitment to help veterans, servicemembers and their families achieve homeownership with a $2,000 VA Purchase Closing Cost Benefit. Additionally, customers who complete a certified homebuyer education course can save an additional $500 on a Chase DreamMaker mortgage.

Hiring Locally to Serve the Neighborhood

The branch features a strong team of local financial health experts focused on community engagement and delivering real economic benefits and solutions. These include:

• Community Manager, Chandra Williams, a lifelong Philadelphia native, will engage the community to increase awareness of financial health resources, and host interactive programs on topics such as goal setting, budget building and understanding credit.
• Branch Manager, Marcus White, who was born and raised in Philadelphia, will oversee all aspects of the branch including traditional banking services and local community engagement.
• Senior Business Consultants, Josue Figueroa, Nathan McCann, and Timothy Roseboro will provide access to 1:1 business coaching, technical assistance and advice to hundreds of Philadelphia entrepreneurs on everything from boosting creditworthiness to managing cash flow to effective marketing.

Chase also announced an accelerated expansion into the market to bring its total branch count to about 80 by 2024 – 60 percent more than originally committed. Approximately 30 percent of these branches will be in low-to-moderate income communities.

The firm is continuing to expand across all of its businesses in the Greater Philadelphia and Delaware region and is currently hiring for more than 800 open positions in the area.

“We’re grateful to have JPMorgan Chase as an incredible partner in our work to invest in the growth of Philadelphia’s communities,” said Philadelphia Mayor Jim Kenney. “By opening a branch in communities like West Philadelphia, it sends an important signal to residents – you matter, and we’re here to serve you.”

This community-inspired bank model is part of the firm’s $30 billion Racial Equity Commitment to help close the racial wealth gap.

JPMorgan Chase has been serving customers for nearly 150 years and has more than 770 employees in the Greater Philadelphia region. Over the last four years, the firm has made more than $21 million in philanthropic commitments in the region to support financial health, minority-owned businesses, community development, and jobs and skills. For example, last year, the firm committed over $1 million to Philadelphia-area community partners, including the West Philadelphia Skills Initiative, to provide inclusive workforce training for justice-involved individuals.

About Chase

Chase is the U.S. consumer and commercial banking business of JPMorgan Chase & Co. (NYSE: JPM), a leading financial services firm based in the United States with assets of $3.7 trillion and operations worldwide. Chase serves tens of millions of people and 5 million small businesses, 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 4,700 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/20230223005034/en/

Media contact:

Jimmy Contreras

jimmy.contreras@jpmorgan.com

Source: JPMorgan Chase & Co.