Chase Is Establishing More Physical Locations In Florida

May 08, 2017

Chase Is Establishing More Physical Locations In Florida

Chase is set to open 16 additional Florida branch offices in 2017 - several in the Tampa Bay area.

Two branches - one at 4890 Ridgemoor Blvd in Palm Harbor and another at 2755 Ulmerton Road in Clearwater. Another brand, which will be located in Seminole, is set for opening in the summer.

Chase, which is is a U.S. commercial and consumer banking entity of JPMorgan Chase & Co, will also expand into the For Myers, Gainesville, Jacksonville, Ocala and Orlando markets.

Although the amount of branches has dropped significantly for many financial institutions - Chase included - CEO Thasunda Duckett said having a physical presence is essential to the bank's growth.

She said roughly 75% of the deposit comes from customers using the branches. Duckett said two- thirds of the bank's customers go to a branch about four times a quarter. She said keeping a physical presence is a necessity to its success and lends a competitive advantage in garnering market share.

At the end of 2016, the company had 5,258 branches - a drop of 3% from 2015 when it had 5,413 branches. However, the average deposit for every branch employee - an indicator of efficiency - rose 10% or 11.4 million in 2015 to $12.5 million in 2016.

According to Duckett, the company plans to open branches in areas that show high growth and merge branches that don't generate a high servicing volume.

George Acevedo is head of Chase consumer banking in Florida, who stated the state is one of the most rapid growing areas and there is significant opportunity to expand the bank's presence. He said locating branches in both Ocala and Gainesville helps to establish a "footprint" and assist customers and companies throughout the area.

There will be four branches in Ocala; two in Gainesville, which will provide an array of services and hire locally. Both Orlando and Jacksonville with get one branch apiece and Fort Myers and Sarasota will get two branches - although one branch in Fort Myers is already in operation.