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November 1, 2024

Chase Bank eyes shoreline town for latest expansion 

PHOTO | FILE IMAGE A Chase Bank branch in Enfield.
By Greg Bordonaro

JPMorgan Chase Bank, which has aggressively opened new branches in Connecticut in recent years, is eyeing Old Saybrook as its next expansion market. 

The New York-based bank has notified the Office of the Comptroller of the Currency that it plans to open a branch at the northwest corner of Boston Post Road and Denmore Lane in Old Saybrook. 

It didn’t provide a specific branch address, or an opening date. Chase Bank currently doesn’t have a brick-and-mortar presence in Old Saybrook or Middlesex County.

The bank announced earlier this year that it would be opening five more branches in Connecticut over the next three years. That includes new locations in Groton (971 Poquonnock Road), Bloomfield (417 Cottage Grove Road), and New Britain that were scheduled to debut in 2024.

The expansion is part of a multibillion-dollar investment Chase Bank is making in its branch network nationwide. The bank said it plans to open more than 500 U.S. branches and hire 3,500 employees by 2027.

As of June 30, 2024, Chase had 61 Connecticut branches with $8.7 billion in deposits, making it the fifth-largest bank operating in the state — based on deposit market share — behind Bank of America, Webster Bank, M&T Bank and TD Bank, according to Federal Deposit Insurance Corp. data.

Since 2019, Chase Bank has grown its Connecticut branch footprint by 24.5%, from 49 to 61 branches, FDIC data shows. 

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