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JPMorgan Chase announces DC-Maryland market expansion

JPMorganChase CEO Jamie Dimon

JPMorganChase CEO Jamie Dimon

JPMorgan Chase & Co. will make a significant expansion into the Washington market, including Maryland, adding branches and hiring hundreds of new employees, the bank announced Thursday.

The expansion will include up to 70 new branches, 700 new employees, a commitment of $4 billion for home and small business lending, a commitment to affordable housing and $15 million in new investment in philanthropic efforts.

“We have been doing business in the D.C. region since 1999 and we’re excited to now expand our consumer branch business here,” Jamie Dimon, chairman and CEO of JPMorgan Chase, said in a statement. “With this will come more than just new branches. We will lend money for affordable housing, home mortgages and small business growth. We will help customers bank and save and support business clients, large and small. And we will combine the best of our business and philanthropy to help more communities benefit from regional economic growth.”

JPMorgan Chase has been one of the nation’s largest banks, but its presence in Maryland has been limited. Chase Bank does not currently have any ATM or bank branches in the Baltimore-Washington corridor.

The firm will have a way to go to catch up with some of the dominant banks in Maryland. Bank of America leads the way with nearly $32 billion in deposits, good for more than one-fifth of the market.

M&T Bank and PNC also have significant shares of the market, with $20 billion and $14 billion of deposits, respectively.

One of the Chase’s priorities in expanding into the region will be to serve lower income areas and to finance affordable rental housing. Twenty percent of new branches will be in low-to-moderate income communities, including in Prince George’s County, the bank said.

It will also increase lending to build and maintain affordable housing by 50 percent, up to $500 million, over five years.

Combined with that will be an increase in the bank’s philanthropic investment, up to $25 million from $10 million, the bank said. The investment will focus on helping people develop job skills, helping minority-owned businesses expand and improving consumer financial health.

“Our administration is pleased that Chase is expanding its footprint in Maryland and bringing more jobs, affordable housing and community investment,” Gov. Larry Hogan said in a statement. “This is a terrific example of how Maryland is working with world-class companies to bring about real change and greater opportunities in our state and our region, from new jobs and workforce training to small business growth.”

The firm said that its home and small business lending program would also help low- and moderate-income communities. It has committed to $4 billion to home and small business lending in the region over the next five years.

Some customers will be able to receive homeownership grants of up to $3,000 that could help with closing costs and down payments.

The bank’s small business programs will include access to bankers, small business loans, merchant services, cash management and credit card services. It will also provide women-, minority- and veteran-owned businesses with more access to capital and technical assistance, the firm said.

New branches in the region will offer $16.50 an hour minimum wage and access to JPMorgan Chase’s full benefits package, which includes health care and retirement benefits.

The branches will be a blend of digital-first and full-service locations.

“Branches are the heart of our company because they allow us to connect with our customers during life’s most important moments,” Thasunda Duckett, CEO of Chase’s consumer banking, said in a statement. “Chase is deeply invested in the communities we serve, and we’re excited to provide more jobs, neighborhood resources and access to financial services to the people here.”

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