Chase Bank is on track to meet its goal of opening 10 branches in the Richmond region within five years of entering the market. (BizSense file)
When Chase Bank’s retail division first began its Richmond market entrance in 2018, it set a goal of opening 10 local branches within five years.
Four years in, that mark is well within reach and the company says it isn’t planning to stop there.
The bank opened its eighth local storefront this month and announced a goal to have 12 branches in the region by 2024, two of which are set to open later this year and another that’s already in the works.
Chase recently filed for regulatory approval for a location in Midlothian at the northwest corner of Hull Street Road and Duckridge Boulevard.
That would add to the Mechanicsville location at 6109 Brashier Blvd., and an eastern Henrico spot at 4508 S. Laburnum Ave., across from White Oak Village, both of which will open in November as the bank’s ninth and tenth locations in the region.
“We definitely have made a lot of progress since launching in the market,” Tom Ing, Chase’s market director for the Richmond area, said in a recent interview with BizSense.
Erik Drucker
Erik Drucker, interim region director for the bank’s mid-Atlantic operations, said the growth in Richmond mirrors that of its expansion plans across the mid-Atlantic. The bank opened its first branch in that broader market in 2018, with a goal of 70 locations in the first five years.
“We will exceed 80 by the end of this year, which is the fourth year,” Drucker said, adding that the bank has expanded its goal to include 140 branches in the mid-Atlantic by the end of 2025.
Nationally, Chase has around 4,700 retail location and 36 million customers that use those branches.
Its expansion comes as other national banks have decreased their branch count, including Wells Fargo, Bank of America and Truist slimming down in the Richmond market.
Tom Ing
“I can’t comment on what other banks are doing but what we find is branches are important for our customers,” Ing said. “There are some things you have to do face-to-face or choose to do face-to-face (in a branch).”
Chase now has 57 employees locally and it aims to hire existing locals as much as possible. Drucker said it has made good traction on landing local employees from other banks.
“We’ve had people once they found Chase was in the area coming to us looking for an opportunity,” Drucker said. “There are a lot of talented people in Richmond.”
As to any further growth in and around Richmond in the future, Drucker said M&A is not part of its formula.
“What we’re doing now is all organic growth, not through acquisition,” he said.
The bank confirmed its plans for the branch at Hull Street Road and Duckridge Boulevard, an intersection anchored by the Hancock Village and Winterpock Crossing shopping centers. It would not comment on the exact site it is eyeing there or whether it would be from scratch or conversion of an existing building.
Chase Bank is on track to meet its goal of opening 10 branches in the Richmond region within five years of entering the market. (BizSense file)
When Chase Bank’s retail division first began its Richmond market entrance in 2018, it set a goal of opening 10 local branches within five years.
Four years in, that mark is well within reach and the company says it isn’t planning to stop there.
The bank opened its eighth local storefront this month and announced a goal to have 12 branches in the region by 2024, two of which are set to open later this year and another that’s already in the works.
Chase recently filed for regulatory approval for a location in Midlothian at the northwest corner of Hull Street Road and Duckridge Boulevard.
That would add to the Mechanicsville location at 6109 Brashier Blvd., and an eastern Henrico spot at 4508 S. Laburnum Ave., across from White Oak Village, both of which will open in November as the bank’s ninth and tenth locations in the region.
“We definitely have made a lot of progress since launching in the market,” Tom Ing, Chase’s market director for the Richmond area, said in a recent interview with BizSense.
Erik Drucker
Erik Drucker, interim region director for the bank’s mid-Atlantic operations, said the growth in Richmond mirrors that of its expansion plans across the mid-Atlantic. The bank opened its first branch in that broader market in 2018, with a goal of 70 locations in the first five years.
“We will exceed 80 by the end of this year, which is the fourth year,” Drucker said, adding that the bank has expanded its goal to include 140 branches in the mid-Atlantic by the end of 2025.
Nationally, Chase has around 4,700 retail location and 36 million customers that use those branches.
Its expansion comes as other national banks have decreased their branch count, including Wells Fargo, Bank of America and Truist slimming down in the Richmond market.
Tom Ing
“I can’t comment on what other banks are doing but what we find is branches are important for our customers,” Ing said. “There are some things you have to do face-to-face or choose to do face-to-face (in a branch).”
Chase now has 57 employees locally and it aims to hire existing locals as much as possible. Drucker said it has made good traction on landing local employees from other banks.
“We’ve had people once they found Chase was in the area coming to us looking for an opportunity,” Drucker said. “There are a lot of talented people in Richmond.”
As to any further growth in and around Richmond in the future, Drucker said M&A is not part of its formula.
“What we’re doing now is all organic growth, not through acquisition,” he said.
The bank confirmed its plans for the branch at Hull Street Road and Duckridge Boulevard, an intersection anchored by the Hancock Village and Winterpock Crossing shopping centers. It would not comment on the exact site it is eyeing there or whether it would be from scratch or conversion of an existing building.