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Chase Bank is continuing its expansion in new markets, with a Rehoboth Beach location in 2023 and a future Dover location in the following year. It opened a Newark Shopping Center location in 2020. | DBT PHOTO BY JACOB OWENS[/caption]
REHOBOTH BEACH — JPMorgan Chase & Co. has its eyes set on the First State, with plans to target central and southern Delaware as part of its plans to open at least 50 branches of Chase Bank in the upcoming years.
In October, the financial institution filed plans to build a 3,293-square-foot Chase Bank along Route 1 and near Route 24 in Rehoboth Beach. Although details are scarce, the branch is expected to open in fall of 2023.
Plans include demolishing the shuttered Pizza Hut and building a one-story facility there, including a 24-hour ATM vestibule and ATM drive-thru. JPMorgan Chase & Co. have not bought the land for the future site at this time. County land records show the property owner is the Cordish Companies, through its limited liability company Rehoboth Mall Limited Partnership.
The Cordish Companies boast that the Rehoboth Center, the shopping center in which the proposed Chase Bank branch will be built, has an average daily traffic of 73,000, according to its own marketing documents.
“Bringing more branches to Delaware gives residents expanded access to our products, digital tools, and tailored in-branch experiences, like financial advice.” said Racquel Oden, head of Chase network expansion in an email to the Delaware Business Times. “We’re proud to help more households and local businesses meet their financial needs and build a stronger financial future.”
In August, JPMorgan Chase & Co. filed with the Office of the Comptroller of the Currency to open two branches in Delaware: one in Rehoboth Beach and one in Dover in 2024. JPMorgan Chase & Co. representatives could not immediately comment on the plans and details for either branch, except to confirm that Dover is also included in its expansion efforts.
In the last four years, the financial institution has been bullish on growing its physical presence in the Delaware and Philadelphia markets. In 2018, it was announced it would open 50 branches in the area in the next five years. Shortly afterward, it was revealed that Delaware was targeted for at least 10 branches and more than 20 standalone ATMs in the state.
JPMorgan Chase & Co. has been working on its Delaware expansion in the meantime. It has opened at least eight locations or ATMs: seven in Wilmington, four in Newark, one in Greenville and one in Middletown.
