COLLIN COUNTY, Texas — Read this story and more North Texas business news from our partners at the Dallas Business Journal
JPMorgan Chase & Co. plans to follow the growth happening north of Dallas in Collin County as part of its major branch expansion over the next three years.
The New York-based financial giant announced Feb. 6 plans to open 500 new branches nationwide by 2027. While most of that growth will occur in places like Boston, Charlotte, Washington, D.C. and Philadelphia, the Dallas-Fort Worth Metroplex will not be left out.
Liz Molina, head of Chase branches in North Texas and Austin, said the bank will build about 15 branches in Texas as part of the expansion, including five in DFW.
"Some of our local branch growth will match the strong development north of the city, as we add locations in Melissa and near Celina, both in Collin County," Molina said in a statement.
Those areas come as no surprise given the economic development boom in Collin County.
The bank also intends to upgrade its branch in southern Dallas' Wynnewood neighborhood with a new location, Molina said.
As part of its broader plan, Chase will renovate about 1,700 locations and hire 3,500 employees across the country. The bank renovates roughly 25 branches in North Texas per year, and intends to increase that number to more than 30 annually, Molina said.
JPMorgan Chase (NYSE: JPM), the largest retail bank in the U.S., has a major presence in DFW. At the end of last June, it ranked as the second-largest bank in the region by deposits with more than $91 billion held, according to Federal Deposit Insurance Corp. data.
The bank's footprint includes 186 branches, a large campus in Plano and 131,000 square feet of office space across five floors in a downtown Dallas tower located at 1900 N. Akard St. Chase employs more than 17,000 people in DFW, according to its website.
Chase's announcement of a major branch expansion contradicts the trend of branch contraction across the industry as banks look to cut costs and right-size their branch networks amid the shift by consumers to more online banking. Chase itself has been one of the biggest consolidators in the country, including in DFW.
Since 2018, Chase has reduced its branch network in DFW by more than 15%, or 35 locations. The bank's number of local branches peaked in 2009 when it had 271 locations following its acquisition of the deposits, assets and certain liabilities of Washington Mutual.
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