JPMorgan Chase & Co. will open 70 consumer branches with 700 new employees in and around Washington, D.C., the company announced officially with regional leaders on hand April 19. Its plans include Georgetown.
For the first time, JPMorgan Chase, the largest bank in the U.S., will locate in Washington as part of a big marketing push to build consumer banking branches in up to 20 U.S. markets. It already has a commercial banking presence in the region.
The bank will take over the former Marvelous Market and Neam’s Market property at 3217 P St. NW, according to a source familiar with the plans. Across from the Thomas Sweet ice cream parlor, the property at the corner of Wisconsin Avenue and P Street housed the famed Neam’s Market for decades until 2000, when Marvelous Market opened at the spot, closing in April of 2014.
Sivan Properties, Inc., based in New York, purchased the property in 2015 from the Neam family and then put it up for sale one year later. The building has stood empty for four years, except for an occasional retail pop-up, with its parking lot still in use.
Besides Georgetown, JPMorgan Chase’s plans includes branches in Arlington, Virginia; in Bethesda, Maryland; and Logan Circle, McPherson Square, Columbia Heights and Anacostia in the District.
The April 19 press conference and luncheon at the Long View Gallery on 9th Street NW featured JPMorgan Chase’s CEO Jamie Dimon, Mayor Muriel Bowser, Virginia Gov. Ralph Northam and Maryland Gov. Larry Hogan.
With $2.5 trillion in assets, JPMorgan Chase said it would offer $4 billion in small business and home loans, as well increase affordable housing lending to $500 million. The banking company will also increase D.C.-area donations to $25 million, supporting such efforts as the 11th Street Bridge project.
Tweeted Bowser about the JPMorgan Chase decision: “Through this investment, people are getting connected to their dreams. Thank you again for this expansion to our region and I can promise you, you won’t regret it.”