Chase Bank gains approval for new CT branches
HBJ PHOTO | HANNA SNYDER GAMBINI
A Chase Bank branch in Cheshire.
JPMorgan Chase Bank will continue its branch expansion in Connecticut this year.
The New York-based money-center lender has gained approval from the Office of the Comptroller of the Currency to open branches in Cheshire and Torrington.
In November, the bank also disclosed plans to open a branch in Old Saybrook, at the northwest corner of Boston Post Road and Denmore Lane.
The new Cheshire branch will be located in The Shops at Stone Bridge, a new mixed-use development in town. It will be the bank’s second branch in the New Haven County suburb.
Chase has another Cheshire location at 202 Highland Ave., which opened in December 2022 and held $36.9 million in deposits as of June 30, 2024, according to Federal Deposit Insurance Corp. data.
The Torrington branch will be located at the intersection of East Main Street and Torringford Street. It will be the bank’s first branch in the Litchfield County town.
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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