JPMorgan Chase to enter Iowa market with first consumer branch in Des Moines
JPMorgan Chase, one of the oldest U.S. financial institutions, announced it plans to open its first consumer and community bank branch in Iowa next year with the opening of a Des Moines branch at Merle Hay Road and Douglas Avenue. The initial location is expected to open early in the third quarter of 2021, with four or five additional branches in Central Iowa to follow. The bank has already received approval from the Office of the Comptroller of the Currency for the Des Moines branch, a spokesman said. The New York-based bank established a commercial banking presence in Des Moines in September 2018. “We look forward to establishing our roots in Des Moines and helping Iowans make the most of their money,” said Majda Hadzic, market director of banking for Chase in Iowa, who will oversee consumer and community branches in the Des Moines market. “Our bank has enjoyed serving credit card and corporate customers in Iowa for many years. And now we are bringing the power of our branches. It’s a game changer.” The bank’s Iowa footprint will eventually include a mix of full-service branches and enhanced ATMs in and outside of the branch that can perform close to 70% of routine transactions. The bank said it is committed to hiring locally to fill positions, which traditionally have eight to 10 employees at each. Chase, a publicly traded stock company that traces its history to 1799, reported third-quarter net income of $9.4 billion. The bank recently received approval to open branches in 10 additional states, which will expand its branch footprint to all of the contiguous 48 states, Chase Chairman and CEO Jamie Dimon said in the bank’s third-quarter earnings report.