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JPMorgan Chase Becomes the Only Bank Able to Accept Government Deposits in all 50 US States
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Rhea-AI Summary
JPMorgan Chase is now authorized to accept government deposits in all 50 U.S. states, a significant achievement that enhances its capabilities to serve states and municipalities. This designation allows the bank to broaden its services and improve financial accessibility for public entities, including cities and school districts. The milestone is a result of a strategic expansion effort initiated in 2018. This development signifies JPMorgan Chase's ongoing commitment to the public sector and its dedication to enhancing community operations through innovative financial solutions.
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JPMorgan Chase can now accept government deposits in all 50 states, enhancing its service capability.
The achievement is expected to improve financial accessibility for public entities like cities and school districts.
This milestone reflects the bank's multi-year expansion strategy starting in 2018.
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Opens the door for JPMorgan Chase to bring trusted financial tools and services to the aid of states and municipalities in new markets across the country
NEW YORK--(BUSINESS WIRE)--
JPMorgan Chase today announced that it is now able to accept government deposits in all 50 U.S. states. This milestone is significant because most states require or encourage banks to have a local branch presence to be eligible to receive or hold government deposits in the state, often described as a qualified public depository. As the only bank to achieve this status today, JPMorgan Chase is expanding its banking services to new states and municipalities, improving accessibility to innovative and secure financial solutions that help public entities operate more efficiently and dedicate more resources to serving their communities.
Chase Consumer Banking announced a major expansion effort in 2018 to increase its retail branch presence and by August 2021, Chase opened branches in all of the lower 48 states becoming the first national bank to have a retail presence in the contiguous United States. The market expansion effort was pivotal in the Bank securing today’s distinction.
“Being able to accept government deposits in all 50 states has been a multi-year effort and a true testament to our firm’s dedication to the public sector,” said Mike Nevins, Head of Government Banking for JPMorgan Chase’s Middle Market Banking & Specialized Industries business. “We’ve been working with governments since 1799 when Aaron Burr founded the earliest predecessor of JPMorgan Chase, the Manhattan Company, to deliver fresh water to lower Manhattan. We have been serving citizens and governments since our inception and are thrilled at the prospect of building on that strong foundation as we enter new communities.”
The expansion benefits public entities as they now have more choices when searching for a financial institution to help with their banking needs. Examples of these entities include cities, counties, school districts and other special districts, like airports, water and transit authorities, tax assessors, public universities, hospitals and community colleges.
“Our business is only as strong as our communities, and that’s why we’re committed to deepening our impact,” said Jamie Dimon, CEO and Chairman of JPMorgan Chase & Co. “We’ve done this in many ways, including by extending credit to vital institutions—such as hospitals, governments and schools—that keep the communities where we live and work healthy, stable and vibrant. Expanding our ability to serve states and municipalities across the country is another example of our commitment and an exciting milestone as we continue to focus on making a positive difference in our communities.”
Located in communities nationwide, the Government Banking group consists of a dedicated team of bankers that brings specialized knowledge of these complex organizations to serve governments at every level and across all areas of their business. Examples of helping governments innovate and make citizens’ lives easier, include: implementing contactless payment technology in everyday scenarios like public transportation, online digital bill payments, lending for capital projects and essential equipment, and tax and fee collection, among others.
About JPMorgan Chase Commercial Banking
JPMorgan Chase Commercial Banking is a business of JPMorgan Chase & Co. (NYSE: JPM), a leading global financial services firm with assets of $3.8 trillion and operations worldwide. Through its Middle Market Banking & Specialized Industries, Corporate Client Banking & Specialized Industries and Commercial Real Estate businesses, Commercial Banking serves emerging startups to midsize businesses and large corporations as well as government entities, not-for-profit organizations, and commercial real estate investors, developers and owners. Clients are supported through every stage of growth with specialized industry expertise and tailored financial solutions including credit and financing, treasury and payment services, international banking, advisory services and more. Information about JPMorgan Chase Commercial Banking is available at www.jpmorganchase.com/commercial
