File photo / provided
Doreen Warren
Updated: February 7, 2024
Chase Bank plans to make a bigger footprint in southern Maine
Photo / Provided
The Chase Bank branch in Yarmouth is located at 770 U.S. Route 1.
With five branches in southern Maine and a sixth in the works, JPMorgan Chase & Co. (NYSE: JPM) now plans to add a seventh at an undisclosed spot amid a nationwide expansion by the Wall Street banking giant.
In Maine, Chase has branches in Falmouth, Portland, Saco, Westbrook and Yarmouth, to be followed by a branch in Scarborough slated to open later this year in a former Wendy’s restaurant.
On Tuesday, a Chase spokeswoman told Mainebiz that the company is planning another southern Maine branch but would not say where. She also declined to say how much Chase has invested so far to build its branch network in the state.
The Westbrook and Yarmouth sites are new construction; the other branches are all housed in buildings that Chase renovated.
“When we open a branch, we know the economic impact is several million dollars given construction costs and all the vendors we use in the process,” she said.
Expansion mode
Chase has had a commercial team on the ground in Maine since 2018 and a retail presence since 2021, when the bank opened a branch at 480 Congress St. in downtown Portland near Monument Square. The company employs an average of eight to 10 employees at each of the branches, putting the current Maine workforce total at 40 to 50.
“Expanding our presence in southern Maine means even more actively contributing to local economic growth and providing exceptional financial services to the communities we serve,” Doreen Warren, Chase’s Maine-based market director for Northern New England, said in a statement emailed to Mainebiz.
“The state is home to so many valued customers, clients, employees and community partners,” she added. “We are proud to contribute to the state’s progress and prosperity through our continued investments and initiatives.”
Already the nation’s largest branch network and the only bank with branches in all lower 48 stores, Chase announced a plan Tuesday to open more than 500 new branches nationwide, renovate 1,700 locations and hire 3,500 employees over the next three years.
“When we open a branch, we’re not only investing in the financial health of residents, we’re committed to the health and vitality of the entire community," said Marianne Lake, CEO of Chase's consumer and community banking division.
Over the past five years, Chase has added more than 650 branches, including 400 locations in 25 new states. With the upcoming expansion, Chase will have added more than 1,100 branches and hired more than 10,500 employees to its consumer bank team since 2018.
In addition to the 500 planned new branches, Chase said it plans to open three community center branches this year in the Bronx and Brooklyn, N.Y., and Columbus, Ohio, to help expand access to banking in underserved communities. That will bring the total to 19.
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