(Courtesy of Jacksonsville Business Journal)
Chase will open 16 new branch offices in Florida this year, including in the Jacksonville area.
Chase, the U.S. consumer and commercial banking business of JPMorgan Chase & Co. (NYSE: JPM), also is entering the Gainesville and Ocala markets as part of its Florida expansion.
Other new branches are planned for Fort Myers, Tampa and Orlando.
While the number of branches industrywide, and at Chase, has been shrinking overall, a brick-and-mortar presence is critical to the bank’s growth, said Thasunda Duckett, CEO, consumer banking for JPMorgan Chase, during an investor day presentation on Feb. 28.
Chase had 5,258 branches overall at the end of 2016, down 3 percent from 5,413 branches in 2015, an investor presentation said (see below). But the average deposits per branch employee, a measure of efficiency, jumped 10 percent, from $11.4 million in 2015 to $12.5 million in 2016.
The company opens branches in higher growth areas and consolidates branches with lower servicing volume, Duckett said.
The bank will open four offices in Ocala and two in Gainesville by the end of year, the press release said. The new branches will offer a full range of services and the bank plans to hire local staff.
Jacksonville and Orlando each are in line for one new branch. Sarasota and Fort Myers will get two branches. One of the Fort Myers branches already has opened, a spokesman said.
Since the 2008 acquisition of Washington Mutual, Chase has added nearly 250 branches in Florida and now has 398 across the state. As of June 30, the most recent date for which information is available from the Federal Deposit Insurance Corp., Chase was the fourth largest retail bank in Florida with a 5.3 percent deposit market share.
In the seven-county Tampa Bay area, Chase had a 3.7 percent deposit market share as of June 30, and was the seventh-largest retail bank.
JPMorgan Chase employs nearly 14,000 people across Florida in all its lines of business and the firm contributed $10.7 million in nonprofits statewide in 2016.