JPMorgan Chase speeds up Twin Cities expansion with plans for 40 branches

JPMorgan Chase, the nation's biggest bank, said Wednesday that it now plans to have more than 40 branches in the Twin Cities metro area by 2025.

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

Other parts of the region that will get 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 committed to opening 25 branches in the Twin Cities.

Racquel Oden, managing director of Chase's network expansion, noted that the Twin Cities is the 17th-largest banking market in the U.S. in terms of deposits.

"There's great population growth going on here and a lot of great small businesses that we can support," Oden said. "We've had a really strong receptive response to the branches that we've built, which really allowed us to have the excitement to say we should do more."

She added that the bank has seen traction both with consumer and small-business clients as well as in home lending and other products and services.

The Twin Cities banking scene is dominated by U.S. Bank and Wells Fargo, which descended from banks started in the region. Both still have significant corporate operations here as well.

Both of those banks have more than 80 branches each across the Twin Cities, according to the Federal Deposit Insurance Corp. Huntington Bank is not far behind, with more than 70 branches.

In recent years, other big banks such as Chase, Bank of America and PNC Financial have also started expanding here.

Chase began aggressively increasing its retail presence in new markets across the U.S. in 2018, entering 25 states including Minnesota since then.

When it opened a branch last year in Fargo, N.D., it hit a milestone of having a branch in each of the contiguous 48 states.

"We're the only bank that's able to claim that," Oden said.

Chase currently has less than a 1% market share of deposits in the Twin Cities.

Among Chase's Twin Cities locations is a community-focused branch it opened in 2020 on Franklin Avenue in the Ventura Village neighborhood, just south of downtown Minneapolis. It's one of a handful of such concepts Chase has across the U.S.