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JPMorgan Chase accelerates Twin Cities expansion with plans for 40 branches

JPMorgan Chase, the nation’s largest bank, said Wednesday it now plans to have more than 40 branches in the Twin Cities metropolitan area by 2025.

Chase has opened 18 branches since arriving in the region in 2019; the latest was last month in Eden Prairie, where leaders gathered for a ribbon-cutting ceremony on Wednesday.

Other parts of the area that will have new Chase branches later this year include Savage, Edina and Roseville.

The company, which opened its first branch here at the University of Minnesota, had previously pledged to open 25 branches in the Twin Cities.

Racquel Oden, general manager of network expansion at Chase, noted that the Twin Cities are the 17th largest banking market in the United States by deposits.

“There’s strong population growth here and a lot of great small businesses that we can support,” Oden said. “We’ve had a very receptive response to the branches we’ve built, which has really given us the enthusiasm to say we should be doing more.”

She added that the bank has seen growth in both consumers and small businesses, as well as in home loans and other products and services.

The Twin Cities’ banking scene is dominated by US Bank and Wells Fargo, which descended from banks established in the area. Both still have significant corporate activities. But in recent years other major banks such as Chase, Bank of America and PNC Financial have expanded here.

Chase began aggressively growing its retail presence in new markets in the United States in 2018, since then entering 25 states, including Minnesota.

When it opened a branch last year in Fargo, North Dakota, it took a major step by having a branch in each of the 48 contiguous states.

“We’re the only bank that can claim that,” Oden said.

Among Chase’s Twin Cities locations is a community-focused branch it opened in Ventura Village on Franklin Avenue, just south of downtown Minneapolis, in 2020. It’s one of the few concepts in this guy that Chase has in the United States.

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