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June 6, 2024

In Sanford, Chase plans to turn a former Burger King into a bank branch

Chase Bank branch opening. Photo / Courtesy of JPMorgan Chase Bank Chase opened a new bank branch in Scarborough this week, located at 1 Hannaford Drive.

After opening its sixth Maine branch earlier this week in Scarborough, JPMorgan Chase & Co. (NYSE: JPM) is heading farther south, this time to the York County city of Sanford.

The New York-based bank plans to open a branch at the southeast corner of Main Street and Alumni Boulevard in a former Burger King restaurant. A notice about the proposal was filed with the Maine Bureau of Financial Institutions, which is seeking written comments through Friday, July 5.

The Sanford branch would follow ones that have launched over recent years in Falmouth, Portland, Saco, Westbrook, Yarmouth and, as of two days ago, in Scarborough.

“Sanford is the city where I was born and is where I grew up,” said Doreen Warren, Chase’s northern New England consumer bank market director. “I have a strong connection with this area and I am looking forward to being part of this community with Chase again.”

A manager has not yet been named for the branch, which Chase anticipates opening early in the second quarter of 2025, according to Briana Warren, a Boston-based spokeswoman for the bank.

'Expanding our presence'

Chase has had a commercial team on the ground in Maine since 2018 and a retail presence that dates to 2021, when the bank opened a downtown Portland branch at 480 Congress St.

“Expanding our presence in Maine means even more actively contributing to local economic growth and providing exceptional financial services to the communities we serve,” Warren said. “We are proud to open a new branch in Sanford and continue contributing to the state’s progress and prosperity through our continued investments and initiatives.” 

Asked whether Chase has any interest in other regions of Maine beyond the southern part, Warren said, “We are always exploring opportunities around all of Maine and see where we can best meet the needs of local consumers and small businesses.”

Shares of JPMorgan Chase have a market value of around $566.5 billion as of Wednesday's close on the New York Stock Exchange. The stock is trading about 42% higher than a year ago.

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