Chase, the US consumer banking business of JPMorgan Chase, has opened branches in all the lower 48 states.
Chase noted that it is the first national bank to have a presence in the contiguous United States.
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The lender 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.
As part of its expansion plan, the bank aims to open 400 branches in the new markets by the end of 2022 and is halfway through it since its announcement in 2018.
It has forayed into 25 new states along with the District of Columbia and opened more than 220 branches, roughly 30% of these will be in low-to-moderate income communities.
Chase’s expansion plan also includes the hiring of 3,000 employees in these new branches by the end of next year, with more than 2,000 hired so far.
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By GlobalDataThe lender noted that over 75% of hires are external to the firm and local to their community.
Additionally, Chase expects the expansion to grant Qualified Public Depository status across the contiguous US, which will allow it to serve community institutions such as local governments, municipalities and universities.
Chase Consumer Banking CEO Jennifer Roberts said: “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.
“For us, it’s important that our branches serve as community anchors connecting our neighbours and local businesses to critical resources that meet their financial needs and help them build a secure financial future.”
JPMorgan Chase head of market expansion Dan Deegan said: “When we talk about entering new markets, we’re talking about our own communities, our own neighbourhoods. We’re hiring locally and are bringing all the benefits our firm has to offer to drive economic growth.”
