Chase to Add Branches in Charlotte, Raleigh in 2019

3/13/19

By Chris Roush, NC BIZ News

New York-based Chase said Wednesday that it would add bank branches in Charlotte and Raleigh in 2019 as part of an expansion that will focus on nine major metropolitan markets.

In the Triangle area, Chase plans to open branches at 133 W. Franklin St. in Chapel Hill and at the intersection of Wake Forest Road and Wake Town Drive in Raleigh. The Chapel Hill branch is expected to open mid-late summer, and Raleigh will open in late 2019.

The bank did not have specific numbers and locations for Charlotte.

“We’ll be hiring staff locally to support our new branches,” said spokesman Michael Fusco. “Entry-level employees in North Carolina will be paid no less than $15 an hour, and will receive the firm’s full benefits package, which is valued at an average of $12,000 annually per employee in this pay range.”

Chase expects to open up to 90 new branches in new markets and hire up to 700 employees by the end of the year. The bank announced last year that it planned to open 400 new branches and hire as many as 3,000 employees in new markets over the next five years.

New cities this year include Greenville, South Carolina; Minneapolis, Nashville, Pittsburgh and St. Louis.

Wells Fargo is the No. 1 bank in the Raleigh market with a 26.6 percent share of deposits, according to data from the Federal Deposit Insurance Corp. BB&T Corp. is No. 2 with a 15.3 percent share of deposits.

Bank of America Corp. is the overwhelming market share leader in Charlotte with more than 70 percent of deposits. It puts some of its corporate deposits in Charlotte, which affects its market share. Wells Fargo is No. 2 with 15.03 percent.

Chase parent JPMorgan Chase & Co. saw its stock price rise xx cents to $104.xx in Wednesday trading.

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