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April 9, 2021

Chase to open Saco branch in former Krispy Kreme

Chase exterior branch view File photo / Renee Cordes Chase is planning to open five branches in Maine by 2022, including this one in downtown Portland.

JPMorgan Chase & Co. (NYSE: JPM) will fill in a hole left by a former Krispy Kreme in Saco as it moves ahead with its retail banking rollout in southern Maine.

A filing with the Maine Bureau of Financial Institutions shows that JPMorgan's Columbus, Ohio-headquartered national bank identifies the future Chase branch location at the intersection of Main Street (U.S. Route 1) and Smith Lane in Saco.

Briana Curran, a Boston-based spokeswoman for Chase, told Mainebiz that the space is in a former Krispy Kreme that Chase intends to rebuild with a freestanding drive-through window.

The building is at 520 Main St., less than 500 feet from a ConvenientMD Urgent Care facility.

"Saco is a great community with lots of consumer and small business consumers where Chase can support their business needs," Curran said.

As Mainebiz reported in December, the company plans to open a total of five branches in southern Maine by the end of 2022 that will employ up to 50 people combined.

That includes one in downtown Portland due to open by the end of June, followed by openings in Westbrook by the end of the year and then one branch each in Falmouth, Yarmouth (on Route 1) and Saco.

The move comes as a number of Maine-based rivals expand their own physical footprint in Portland and elsewhere.

They include Skowhegan Savings Bank, which is transforming a former tanning salon in Portland's East Bayside neighborhood into a commercial banking center, and Maine Community Bank. It is building an $8 million operations center and full-service branch in Westbrook.

In terms of standing out from a very crowded field, Curran pointed to Chase's growing customer base in Maine, where it has nearly 250,000 consumer and business clients.

"Our goal is to best serve the community through our omni-channel model, giving customers the choice to bank with us online and through our mobile app."

Asked whether Chase would consider moving into other parts of Maine in the longer term, Curran said, "Right now we are focused on greater Portland and the five markets where we plan to open our branches. We are always listening to our customers, and our branch footprint reflects their banking habits."

Maine's Bureau of Financial Institutions will accept written comments on Chase's Saco branch plans through Monday, April 12. 

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April 9, 2021

Chase will join Bank of America, Norway Savings, Camden Savings, and two credit unions all within walking distance of each other. Good for consumers to have so many choices and perhaps competitive products.

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