Chase Announces $20 Billion Five Year Investment – Including Expanded Branch Network (New Branches Opened)

Update 11/7/19: Kansas City & Leawood branch is now open.

Update 3/13/19: CNBC has some information on new branches. They will be in: Charlotte and Raleigh, North Carolina; Greenville, South Carolina; Kansas City, Kansas; Minneapolis; Nashville, Tennessee; Pittsburgh; Providence, Rhode Island; and St. Louis.

Update 08/20/18: Chase is now listing four branches in D.C. as opening soon:

1. McPherson Square: 1401 New York Ave, NW Washington, DC 20005
2. Park Rd and 14th St: 3100 14th St NW Washington, DC 20010
3. Anacostia MLK Jr Ave and W St SE: 2200 Martin Luther King Jr Ave SE, Washington, DC 20020
4. Minnesota Ave and Clay: 3900 Minnesota Ave NE, Washington, DC 20019
5. Clarendon Wilson Blvd: 2825 Wilson Blvd Arlington, VA 22201
6. 1111 New Jersey Ave SE (Navy Yard/Capitol Riverfront)

Hat tip to Yet Another Redditor.

Update 04/19/18: Chase has made an official announcement. They are going to:

• Open 70 new branches and hiring up to 700 new employees, including veterans, in northern Virginia, Washington, D.C. and Maryland – 20 percent will be in low-to-moderate income communities, such as Wards 7 and 8 in Washington, D.C., Baltimore, and Prince George’s County, Maryland
• Committing $4 billion over five years for regional home and small business lending
• Increasing lending to construct and maintain affordable rental housing by nearly 50 percent to $500 million over five years in the region including low-to moderate income communities
• Increasing the philanthropic investment from $10 million to $25 million to drive inclusive economic growth in the region

Hat tip to probablyinpearls

Update 02/14/18: Filings with the Office of the Comptroller of the Currency show Chase’s plan for six new branches in three new markets: Boston, Philadelphia and Washington, D.C.

Chase said they plan to expand into 15 to 20 new markets. They are also pursuing three branches in Nevada, California around the Lake Tahoe area where they currently don’t have any branches. Via jnuzzi08

Original post: JPMorgan Chase has announced a $20 billion five year investment “help its employees, and support job and local economic growth in the United States”. From our hobbies perspective the most interesting part of this announcement is that they will be expanding their branch network into new U.S. markets. They intend to 15-20 new markets and in several states where they don’t currently have branches (Washington D.C., Boston, Philadelphia are specifically mentioned as areas they want to expand into). This is significantly for two main reasons:

• The popular Chase $300 checking & $200 savings bonuses require the accounts be opened in branch. Business checking bonuses are also usually in branch only.
• You can bypass the Chase 5/24 rule when you’re pre-approved for a card in branch.

A lot of people just travel to their nearest branch to complete these deals, but having a nearby branch just makes it so much easier.