Chase to open Scarborough branch later this year

Photo / Renee Cordes Chase Bank currently has four retail branches in Maine, including this one at 480 Congress St. in Portland.

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By Renee Cordes

JPMorgan Chase & Co. (NYSE: JPM) is adding to its growing southern Maine footprint with a branch in Scarborough set to open later this year in a former Wendy's restaurant.

The planned branch, located at 1 Hannaford Dr. (or 205 U.S. Route 1), comes on top of existing branches in Portland, Westbrook, Falmouth and Saco. A future branch in Yarmouth is also under construction, but Scarborough was added to the mix after the original plan.

"While we originally had five branches planned for Maine, Scarborough has been a place we have long viewed as a great market for us given it is very attractive for consumers and businesses and our location on Route 1 provides a lot of opportunity for traffic and accessibility, " Doreen Warren, Chase's market director for Northern New England, told Mainebiz.

Like the future Scarborough branch, the Yarmouth branch under construction is also near a Hannaford grocery store.

Chase has had a commercial team on the ground in Maine since 2018 and a retail presence since June 2021, when it opened a a branch at 480 Congress St. in downtown Portland near Monument Square.

In accordance with a plan announced in 2020, the company today has around 50 employees in Maine with its consumer and commercial bank teams.

In 2020, before Chase's retail entry into Maine, the bank had 244,000 business and consumer customers in the state, including 107,900 in York and Cumberland counties, as reported by Mainebiz.

Updated information on the number of account holders was not immediately available.

JPMorgan Chase, led by Chairman and CEO Jamie Dimon, is a global financial services powerhouse with $3.7 trillion in assets and $303 billion in stockholders’ equity as of March 31, 2023. The Wall Street behemoth is due to release second-quarter financial results on July 14.