Hartford Chase Branch Manager, Keith Williamson and Central Connecticut, Market Director, Mark Telesmanick along with State Banking Commissioner, Jorge Perez, and State Representative, Tom Delnicki, and branch staff cut the ribbon of Chase’s first CT Capital Region branch in fall 2019. Photo courtesy Chase Bank
While the pandemic has seen banks, including national and regional banks, closing branches amid changing consumer behaviors and preferences, Chase Bank plans to continue its branch expansion into Greater Hartford.
“Our branches are still at the heart of what we do,” said Cynthia Frederick, a regional director with JPMorgan Chase. “They are part of a really important ecosystem for our customers.”
The nation’s largest bank with about $3.5 trillion in assets, JPMorgan Chase has a longtime presence in Southwestern Connecticut. The bank started moving into the Hartford area in 2019 as part of Chase’s national strategy to expand its retail branches into every U.S. state except Alaska and Hawaii.
The plans for Greater Hartford did not change because of the pandemic, said Frederick, the regional director for Connecticut and New York North, which includes Westchester and Rockland counties and areas to the north.
The first Greater Hartford branches had opened in 2019 in Hartford and Avon, and branches have opened in Enfield, Farmington, West Hartford and Wethersfield. Three more locations will open this year, Frederick said, adding that the bank expects to have 12 new branches in the region by next year while bringing about 100 new jobs over the next several years. Connecticut now has more than 50 Chase branches.
Chase’s national branch strategy also involves an expansion throughout the rest of New England, where Chase previously did not have retail branches. The first Greater Boston branch opened in December 2018, and Massachusetts now has more than 30 branches. The other four New England states now have branches as well.
Having branches in Greater Hartford gives Chase a link to the rest of the New England footprint, Frederick said.
“Bridging that space out toward the Boston area really gives our customers more access, our small businesses the ability to grow their businesses,” Frederick said, “and provides that footprint that we’re looking to do across the entire 48 states to be there for customers.”
The branches have dedicated small business specialists, Frederick said, noting that working with entrepreneurs is a longtime priority for Chase. The branches will also have space for local organizations to use for community events.
While Chase’s digital tools are popular with customers, Frederick said they still want to visit branches, especially for loans, small business banking and lending, advice and wealth management.
“While we find the frequency of visits may be evolving over the years, the accessibility to branches still remains really important to our clients,” Frederick said.
