Yahoo Finance JPMorgan (JPM) to Expand Presence in Carolinas, Add Branches
JPMorgan JPM has announced plans to further strengthen its presence in North and South Carolina by opening new branches and increasing corporate office space in the region. By 2025, the bank aims to have more than 100 branches throughout both states.
Since its initial announcement in 2018 to open 40 branches in the Carolinas, JPMorgan has already surpassed its commitment by establishing 48 branch locations in both North and South Carolina. The bank has gone above and beyond, including opening eight branches in low- to-moderate-income (LMI) areas.
Given the growing customer base and strong demand, JPM intends to expand its branch network in cities like Charlotte, Raleigh/Durham, Charleston and Greenville, and add new cities like Greensboro, Columbia and Myrtle Beach to its retail branch network.
In Charleston, it plans to add two branches in LMI locations by the end of 2023. In Charlotte, four additional branches are set to open by 2024-end. Columbia will see the opening of its first two branches by the end of this year, and Greensboro/the Triad will have its first branch by the same time, with two more branches planned by the end of 2024.
Myrtle Beach and the surrounding communities can expect the opening of their first branches within the next two to three years. Further, Raleigh/Durham is set to gain six more JPMorgan branches in the Triangle by the end of next year.
To facilitate this expansion, JPMorgan plans to hire more employees to meet the increasing customer demand in both states. In Charlotte alone, the Commercial Banking business intends to hire more than 200 new employees by the end of 2024. The company is also adding 24,000 square feet of office space at the Rotunda building in Charlotte to accommodate the growing workforce.
The Middle Market Banking & Specialized Industries group has experienced an 85% increase in its client base in North and South Carolina over the past two years.
Since JPMorgan began opening branches in the Carolinas, it has witnessed steady growth in its customer base and deposits. In fact, it moved from number 53 in the FDIC’s annual deposit market share rankings in North Carolina in 2020 to number 25 in 2022. Likewise, in South Carolina, it was ranked number 68 in the FDIC’s 2020 report, and moved up to number 37 last year.
With the addition of new branches, increased corporate office space and continued investments in the community, JPMorgan aims to support businesses, individuals and local communities on their path to a stronger and more resilient financial future.
Notably, JPMorgan has made substantial progress in its plan (announced in 2018) to enter 25 new markets. Now, the company has a presence in 48 of 50 U.S. states. In addition to enhancing market share, the strategy will help the bank grab cross-selling opportunities by increasing its presence in the card and auto loan sectors.
Shares of JPMorgan have rallied 15.9% so far this year, outperforming 2.3% rise for the industry.
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At present, JPM carries a Zacks Rank #2 (Buy). You can see the complete list of today’s Zacks #1 Rank (Strong Buy) stocks here.
Other than JPMorgan, in June, Bank of America BAC announced its plan to expand its financial center network into nine new markets by 2025, bringing its services to more clients and communities.
Over the next four years, Bank of America will open 34 financial centers in these new markets, with five in Omaha, five in Louisville, four in Boise, five in Birmingham, three in Madison, five in New Orleans, five in Milwaukee and one each in Dayton and Huntsville.
In addition to its new market expansions, BAC is focused on optimizing its retail banking presence in well-established markets. The company opened 58 centers last year and intends to open more than 55 new locations this year across 34 markets. It plans to open additional financial centers in Denver, Minneapolis, Indianapolis, Pittsburgh, Salt Lake City, Columbus, Cincinnati, Cleveland and Lexington.
Further, Frost Bank, a subsidiary of Cullen/Frost Bankers, Inc. CFR, has announced its plans to double its number of financial centers in the Austin region by 2026. The company expects the expansion will further strengthen its position in the region.
CFR, through Frost, already has 17 financial centers in the Austin region. It also has the biggest ATM network in Texas, including more than 140 ATMs in Austin. Cullen/Frost Bankers expects that the expansion will lead to the opening of 17 new financial centers.
Disclaimer: This article has been written with the assistance of Generative AI. However, the author has reviewed, revised, supplemented, and rewritten parts of this content to ensure its originality and the precision of the incorporated information.
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