Chase Bank will open a retail branch Wednesday in South Baltimore’s Cherry Hill community, becoming the first national bank to set up shop in the neighborhood.
The unit of New York-based JPMorgan Chase, which pledged to add as many as 20 branches and 40 ATMs in the Baltimore area, already has opened three branches in Baltimore — in Harbor East, Roland Park and Charles Village — since the company announced its expansion in 2018. It’s the largest bank in the United States, with over $2.6 trillion in assets.
Opening in Cherry Hill reflects the company’s commitment to providing economic opportunity to neighborhoods that historically lacked access to capital. In addition to opening the new branch, Chase has awarded a $100,000 grant to the South Baltimore Coalition, a partnership comprised of six community organizations in the area as well as the Port Covington development team, for “community-informed” planning purposes.
The firm also previously partnered with The Harbor Bank of Maryland to invest $1 million in businesses owned by people of color in Baltimore and has donated $7 million to the Capital CoLab, which works on innovating with school districts including the city’s. In late 2018, J.P. Morgan Private Bank opened an office in Harbor East to serve high net-worth clients with banking and wealth management services.
All told, the banking company now employs more than 100 people in Baltimore and 30 more elsewhere in Maryland. It previously said it expects to grow to 200 employees as it builds out the branch network.
Each Baltimore branch will employ up to nine people, all of whom will earn $15 an hour minimum and will have benefits packages valued at $12,000 a year.
The fourth branch will open in the Cherry Hill Town Center, a strip center anchored by a Family Dollar at 626 Cherry Hill Road.