By: Sean Guay
Harrisburg, Pennsylvania – Following this year’s federally backed acquisition of First Republic Bank, JPMorgan Chase & Co. is expanding its footprint locally and has plans to open a dozen new branches in central and southeastern Pennsylvania.
Two branches are now open in Harrisburg, with new locations in Camp Hill and Lititz in the planning process. New branches have also opened this year in the Lehigh Valley.
– Ryan Kneller
The construction of a new branch in Camp Hill will be at the corner of 32nd and Chestnut Streets, and has a tentative start date of November 2024. Construction of a new building in this location is budgeted to cost $2 million. This location was at the center of a controversial development plan where a Chick-fil-A restaurant was to be built. Five homes at this property were razed in the summer of 2019, but traffic concerns ultimately led to the plan being voted down.
Construction of the new Lititz branch, located at 986 Lititz Pike in a former Santander Bank, is still in the bidding process and has a tentative completion date of July 2024. The renovation of the existing building is budgeted to cost $1.5 million.
In southeastern Pennsylvania, Chase Bank has received approval to open locations in Drexel Hill, Paoli, Morrisville, Northeast Philadelphia, Montgomeryville, Wilmington and Richboro, and applied to open branches in Pottstown, Blue Bell and Voorhees.
Completion of the Drexel Hill branch, located at 5100 State Road, is scheduled to be finished in April 2024. Construction of a new building in this location is budgeted to cost $3 million.
Construction of the new Paoli branch, located at 49 East Lancaster Avenue, is still in the bidding process and has an anticipated completion date of July 2024. The renovation of the existing building at this location is budgeted to cost $1.75 million.
Chase entered the greater Philadelphia market in 2018 with a plan to add 50 branches over five years. The bank has already eclipsed that goal and Chase Consumer Banking CEO Jennifer Roberts recently told the Philadelphia Business Journal it planned to reach 100 branches in the region by 2030.
The subsidiary of JPMorgan Chase & Co. (NYSE: JPM) has also targeted markets contiguous to Philadelphia, such as the Lehigh Valley, southern Delaware and Lancaster County, with plans to expand to the Jersey Shore. Over the past 12 months, Chase opened Lehigh Valley locations in Allentown, Easton and Bethlehem, with the latter site coming online this week, according to Philadelphia Business Journal.
JPMORGAN CHASE & CO.
Harrisburg100 