A pandemic-induced evaluation of branch networks became common practice for bankers in the past year. However, amid the pruning of locations, lenders continue to identify and invest in new brick-and-mortar opportunities.
JPMorgan Chase Bank of Columbus, Ohio, is hip deep in developing its first rollout of Arkansas sites, all in Pulaski County. The $3.2 trillion-asset lender is setting up shop in a mix of new construction and existing space along with acquired and leased property.
The largest bank in America bought the 1,581-SF former Capital Bank branch at 4501 E. McCain Blvd. in North Little Rock last month for $1.3 million.
JPMorgan Chase began its foray into Arkansas with the $2.6 million purchase of the 2,941-SF former Zoe’s Kitchen at 12900 Chenal Parkway in west Little Rock. In April, the bank paid more than $3.3 million for a Little Rock branch site at 6001 District Ave. in The District at Midtown.
A leased location in the former Verizon store space at 11400 Cantrell Road is undergoing transformation into a banking office for the financial giant.
Arkansas represents state No. 39 for JPMorgan. The national lender is entering Pulaski County’s $22 billion-deposit market, where 30 banks compete.
The top three stakes in the largest Arkansas market are held by Little Rock’s Bank OZK, $6.2 billion in deposits (27.65%); Bank of America in Charlotte, North Carolina, $5 billion (22.46%); and Fayetteville’s Arvest Bank, nearly $2.6 billion (11.53%).