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February 7, 2024

Chase Bank to add 5 new CT branches as part of national expansion 

HBJ PHOTO | HANNA SNYDER GAMBINI A Chase Bank branch in Cheshire.
By Greg Bordonaro

New York-based JPMorgan Chase Bank is eyeing further expansion in Connecticut and nationwide. 

The bank announced this week it will 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 will 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. 
 
Chase Bank said it will enter several new markets — including low-to-moderate income and rural communities — while also expanding in growth cities like Boston, Charlotte, Minneapolis and Philadelphia.

Over the past five years, Chase said it has added more than 650 branches, including 400 locations in 25 new states. 

When this latest expansion is complete, Chase said it will have added more than 1,100 branches and hired more than 10,500 employees to its consumer bank division since 2018.
 
“Every day approximately 900,000 people walk into a Chase branch to cash a check, make a deposit or speak to one of our experts about an important financial decision that could impact their lives,” said Jennifer Roberts, CEO of Chase’s consumer banking business. “This investment means we can continue to have branch locations that reflect the unique needs of the communities we aspire to serve today, tomorrow and for many years to come.”

Chase Bank has been aggressively expanding its branch network in Connecticut in recent years, while many other banks have trimmed their brick-and-mortar footprints. 

As of June 30, 2023, Chase had 60 Connecticut branches with $9.7 billion in deposits, making it the fourth-largest bank operating in the state, behind Bank of America, Webster Bank and M&T Bank, according to Federal Deposit Insurance Corp. data.

Over a one-year period — from June 30, 2022 to June 30, 2023 — Chase Bank added a net six branches in the state, while the 52 banks operating in Connecticut overall closed a net 36 branches, a 3.6% decrease. 

Most of those closures were attributed to M&T Bank, which shuttered a net 26 branches during that one-year period, following its acquisition of Bridgeport-based People’s United Bank. 
Five years earlier, as of June 30, 2018, Chase Bank had 49 branches in Connecticut with $5.7 billion in deposits, making it the sixth-largest bank in the state at the time, FDIC data shows. 
 

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