Chase Banks celebrated the opening of its Rehoboth Beach branch with a ribbon cutting Jan. 31 , marking the first Sussex County location in its network. | PHOTO COURTESY OF JP MORGAN CHASE & CO.
REHOBOTH BEACH — JP Morgan Chase & Co. has cut the ribbon on its Chase Rehoboth Beach branch on Jan.31, completing its first stage of its expansion plan in Delaware. But the nation’s largest bank is not quite done adding new locations in the market.
JP Morgan spokesman Jimmy Contreras confirmed to the Delaware Business Times that the company’s consumer banking group plans to have between 15 to 20 banks in the state by 2027. By the end of January, the bank opened both its Dover and Rehoboth Beach locations, marking 11 branches in the state.
“That’s a 50% increase in our commitment to the region,” Contreras said in an email.
By the end of January, the bank had opened both its Dover and Rehoboth Beach locations, marking 11 branches in the state. Other brick-and-mortar banks or ATMs are in Wilmington, Newark, Greenville and Middletown.
JP Morgan announced it would continue its strong national push to add Chase Bank locations across the region, with another 40 branches in the Philadelphia area. That builds already on its previous promise to open 50 branches in the region by 2023.
The decision was counter to other banks cutting hours and closing branches. But now, the Wall Street Journal reports that Bank of America is looking to add back branches, and TD has announced it is exploring options in the Philadelphia market as well.
Right now, Chase Bank has among the largest branch networks in the country, with all but two states without a location. Over the past five years, Chase has added around 650 branches, with more than half in 25 new states.
As of June 2023, the Federal Deposit Insurance Corp. reports that JP Morgan Chase & Co. had $436 million in deposits in Delaware, representing a fraction of one percent of the First State’s total market share.
In southern Delaware, the Chase Bank branch Rehoboth Beach represents the institution’s first in Sussex County. With a digital bar where consumers can log on the Wi-Fi and learn about Chase online services, as well as indoor and outdoor ATMs. With casual meeting spaces and indoor and outdoor ATMs, Chase officials note a more consultative approach in the branch’s design than banks of the past.
Editor’s note: a clarification has been added that Chase Bank plans to have 15 to 20 banks in the state by 2027, not adding an additional 15 to 20 banks.