Chase Opening First Maine Branches in Portland, Saco and Falmouth
The largest bank in the United States is getting a foothold in Maine buy opening three new branches in Southern Maine with two more planned.
JPMorgan Chase & Co., better known simply as Chase, has total assets of $3 trillion making them the largest bank in the country ahead of rival Bank of America by $770 million. Bank of America has been in Maine since 2004 after acquiring Fleet Bank and now Chase is making their move into the Pine Tree State.
According to Maine Biz, Chase has plans to open five branches in southern Maine by the end of 2022 and the first is set to open in June at 440 Congress Street in Portland. The space has been vacant for years, but finally has a tenant.
The second location is at the former location of Krispy Kreme in Saco that closed in April of 2020 to the disappointment of many in the area. Chase plans to build a brand new building at the Krispy Kreme location on Route 1 to better suit their needs.
A third location is also new construction in Falmouth right on land next to Bath Savings Institution on Route 1. Chase would be the sixth bank on this stretch of Route 1, joining People's United, Gorham Savings, Bath Savings, TD, and Norway Savings.
If there's one thing Maine isn't in short supply of, it's banks. In a world where more and more banking takes place online, it makes you wonder why Chase is pushing into Maine with physical locations.