Collin County, Texas — Read this article and other North Texas business news from our Dallas Business Journal partners
JPMorgan Chase & Co. plans to follow the growth occurring in Collin County, north of Dallas, as part of a major branch expansion over the next three years.
The New York-based financial giant announced on February 6 that it plans to open 500 new branches nationwide by 2027. Most of that growth will occur in places like Boston, Charlotte, Washington, D.C., and Philadelphia, but not the Dallas-Fort Worth Metroplex. left behind.
Liz Molina, director of Chase branches in North Texas and Austin, said the bank is building 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 near Melissa and Celina in Collin County,” Molina said in a statement.
These areas are not surprising given Collin County's economic development boom.
Molina said the bank plans to upgrade its branch in the Wynnewood neighborhood of south Dallas to a new location.
As part of a broader plan, Chase plans to renovate about 1,700 locations nationwide and hire 3,500 employees. Molina said the bank renovates about 25 branches a year in North Texas and plans to increase that number to more than 30 a year.
JPMorgan Chase (NYSE: JPM), the largest retail bank in the United States, has a large presence in DFW. At the end of June last year, it was the second-largest bank in the region with more than $91 billion in deposits, 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 at 1900 North. The bank has more than 17,000 employees in DFW, according to its website.
Chase's announcement of a major branch expansion contradicts an industry-wide branch reduction trend as banks seek to cut costs and right-size their branch networks as consumers shift to online banking. Chase itself is one of the largest consolidating companies in the country, including DFW.
Since 2018, Chase has reduced its DFW branch network by more than 15%, or 35 locations. The bank's local branch count peaked at 271 in 2009, after it acquired Washington Mutual's deposits, assets and some liabilities.
