At a time when banks across the nation continue to close physical branches, Chase Bank is choosing the opposite route by expanding its network of customer banking centers.
New York-based JPMorgan Chase says it will open more than 500 new branches over the next three years, including 30 new branches in the D.C. region and 190 across Maryland, Virginia, and the District combined. That will grow Chase’s footprint in D.C., Maryland and Virginia to 190 branches, up from the current 114.
Nationwide, Chase says new branch openings will result in 3,500 new jobs.
The Greater Washington area is among several where Chase is expanding its footprint, in addition to Boston, Charlotte, Minneapolis and Philadelphia. It has opened more than 650 new branches over the past five years, including 400 locations in new states.
Chase already has the largest branch network in the U.S. With the latest round of new branch openings, it will have added more than 1,100 branches and hired more than 10,500 employees since 2018.
Chase has placed a particular priority on the D.C. region.
In 2022 it opened its new mid-Atlantic headquarters in downtown D.C., citing it as one of the most important economies in the country. JPMorgan purchased the building at 875 15th Street, NW on McPherson Square for $140 million. About 650 JPMorgan Chase employees work there.
The bank has committed to $4 billion over five years for regional home and small business lending. Chase has also committed to philanthropic investments of $10 million to $25 million in the D.C. region.
It has aggressively grown its branch locations here, with 20% of branches in low-to-moderate income communities, though it is still a small player by market share. Chase branches represent 1.25% of all D.C. metro area deposits, about $3.74 billion, according to Washington Business Journal research.
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