Chase chooses Falmouth for next Maine bank branch
Photo / Peter Van Vallen
JPMorgan Chase plans to open a branch at 251 U.S. Route 1 in Falmouth during the first quarter of 2022. The new banking site will be one of five in southern Maine.
JPMorgan Chase & Co. (NYSE: JPM) is making progress with its planned retail banking rollout in southern Maine, securing a branch location in Falmouth in addition to ones in downtown Portland and Westbrook.
As Mainebiz recently reported, the company plans to open a total of five branches in southern Maine by the end of 2022 that will employ up to 50 people combined. The Portland branch, at 480 Congress St. just off of Monument Square, is set to open in June.
In Falmouth, JPMorgan plans to open a branch at 251 U.S. Route 1 in the first quarter of 2022, a Boston-based spokeswoman told Mainebiz on Monday.
She said the branch will be about 3,000 square feet in size located in a new four-story building in front of the Shaw's supermarket.
While she had no further details about the building, Mainebiz reported in July the that the office and retail building is being developed by Jonathan Cohen. He teamed up with Portland commercial property owner Joseph Soley in March 2018 to buy the Falmouth Center property for $21 million.
She also confirmed that the overall plan is for five branches in Maine by 2022.
The move comes a little more than two years after JPMorgan Chase installed a commercial banking team in Portland. There's also been a recent flurry of bricks-and-mortar bank expansion in southern Maine.
Ongoing activity includes Skowhegan Savings Bank converting a former tanning salon into a business center on Marginal Way in Portland, set to open in April, and Maine Community Bank building an $8 million operations center in Westbrook.
Justin Brovitz, a Boston-based executive director with JPMorgan who serves as the institution's market director for banking in Boston, Maine and Vermont, recently told Mainebiz he doesn't see growing competition or lower downtown Portland foot traffic during the pandemic as hurdles to the bank's retail expansion plans.
"We know that Maine is a very competitive marketplace. I think that's why we're excited to be there," he said in a phone interview on Friday. "We view our expansion into Maine as a marathon and not a sprint."
Chase currently has 244,000 business and consumer banking customers in Maine, of whom 107,900 are in York and Cumberland counties.
While the bank has not yet disclosed further southern Maine locations, it previously said Yarmouth is a possibility.
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