JPMorgan Chase is opening more small-town branches in middle America

JPMorgan Chase, the largest lender in the US, is expanding its branch network in smaller cities and towns. The bank aims to ensure that its coverage is accessible to half of the population in the lower 48 states within an “accessible drive time.” This expansion plan includes opening new locations in less densely populated areas. JPMorgan plans to open 25 more branches in Iowa by 2030 and over 125 new branches across Minnesota, Nebraska, Missouri, Kansas, and Arkansas. The bank’s strategy is to increase its branch share and optimize investment in these communities. Despite the trend of branch closures in the banking industry, JPMorgan is increasing its brick-and-mortar presence. Other banks have chosen to reduce their branches due to funding costs and macro pressures. JPMorgan’s record-breaking profits in 2023 allow for the firm to prioritize brick-and-mortar expansion. The bank considers factors such as population growth, the presence of small businesses, corporate headquarters, new suburbs, and popular locations like Chick-fil-A when selecting branch locations.