A major expansion planned by JPMorgan Chase & Co. in the Delaware Valley over the next few years includes plans for its mortgage business.
Chase announced on Monday that it
plans to open approximately 400 new branches in new markets across the country during the next five years.
The New York-based financial institution reported in its second-quarter earnings report that its branch network stood at 5,191 locations as of mid-2018.
Fifty of the new branches will be located
in Philadelphia and the Delaware Valley.
National growth plans for Chase involve adding as many as 3,000 employees in the new markets — including roughly 300 in the Delaware Valley Region where it currently has more than 11,000 people on its payroll.
“The Delaware Valley is an incredibly important market for us, Chase Chairman and Chief Executive Officer Jamie Dimon said in today’s release.
As part of the expansion, Chase said it will invest $3 billion
for mortgage and small business lending in the region over the next five years.
Investments in home loans will be made in low-and moderate-income communities.
Prospective borrowers who qualify will also receive up to $3,000 in homeownership grants to reduce cash to close. The proceeds can be used towards closing costs and the down payment.
