Chase Bank will open its third Baltimore branch Friday, in affluent Harbor East, joining branches that opened last month in Charles Village and a week ago in Roland Park.
Before the end of the year, the New York bank will open a fourth in Cherry Hill, a more economically challenged neighborhood in South Baltimore and commit $100,000 to benefit that part of the city.
They are the first branches of JPMorgan Chase & Co.'s planned expansion into Baltimore, announced in 2018 and expected to bring as many as 20 branches and 40 ATMs to the region in the next three years. 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.
Based in New York, JPMorgan Chase is the largest U.S. bank with $2.8 trillion in assets. In addition to traditional banking services, it also offers investment banking and other financial services.
The new Harbor East branch — the flagship branch for Chase in Baltimore — is located at 1401 Fleet St., where Dinosaur Bar-B-Que closed in 2018. The other open branches are in a street-level space in a new building at 3222 Saint Paul St. close to Johns Hopkins University and in the same strip of stores as Eddie’s of Roland Park at 5115 Roland Park Ave.
The fourth branch will open this summer in a less affluent area, in the Cherry Hill Town Center, a strip center anchored by a Family Dollar at 626 Cherry Hill Road. The location reflects JPMorgan Chase’s commitment “to drive inclusive growth and help create opportunity for more area residents.”
The banking company now employs 105 people in Baltimore and 30 more elsewhere in Maryland. Chase Bank said it expects to grow to 200 employees as it builds out the branch network. The company committed to paying entry-level workers $15 an hour and providing them its full benefits package valued at $12,000 a year.
As part of the branch expansion with Chase Bank, JPMorgan Chase said it committed $100,000 to the South Baltimore 7 Coalition to help residents access affordable housing, improve financial health and gain access to small business financing. The SB7 coalition is a partnership between the developer of Port Covington and neighborhood groups from Brooklyn, Cherry Hill, Curtis Bay, Lakeland, Mt. Winans and Westport.
“We’re excited to continue our expansion into Baltimore. There’s incredible opportunity to bring new jobs and financial services to the city’s residents,” said Peter Scher, JPMorgan Chase’s Mid-Atlantic region chairman and global head of corporate responsibility, in a statement. “Economic growth must include more people which is why we’re investing another $100,000 into the community. We will do our part in creating economic opportunity for more people in this region.”
In addition to the $100,000 for the South Baltimore Coalition, JPMorgan Chase said it has committed a combined $6 million to five public school districts — including Baltimore City, Montgomery and Prince George’s counties — to help design career pathways for young people, $3.65 million to its Entrepreneurs of Color Fund for Baltimore and Washington, and $100,000 to Baltimore’s Summer Youth Employment Program.
JPMorgan Chase was among 10 major banks sued in March by the city of Baltimore, which alleged they illegally inflated interest rates for particular bonds for public works — overcharging Baltimore and other municipalities by billions of dollars and taking money away that could be spent on schools, police, roads, sewer lines and the like.