The consumer banking division of New York-based JPMorgan Chase & Co. will open its first Northwest Arkansas bank branch on Dickson Street in Fayetteville.
The more than 3,100-square-foot Chase bank at 608 W. Dickson St. will be on the northwest corner of West Dickson Street and North Gregg Avenue.
David Howell, market director of banking, said Chase has been operating in Arkansas for years, serving businesses and customers through credit cards, mortgages and auto loans.
“We saw a real need to add the power of our branches to be able to serve those clients in a bigger way,” Howell said. Last summer, the bank started opening branches in Little Rock. It opened its fifth central Arkansas branch in May.
“Northwest Arkansas is a great area within the state from a growth standpoint,” he said. “We have a lot of clients there.”
He added that the proximity to the University of Arkansas and the real estate availability were factors in selecting this location as its first Northwest Arkansas branch.
It was the Fayetteville location for Jonesboro-based outdoor specialty retailer Gearhead Outfitters, which is relocating to 101 N. Block Ave., just north of the Fayetteville Square. Ted Herget, the owner of Gearhead Outfitters, said he closed the Fayetteville store in May after JPMorgan Chase approached him about leasing the building.
Howell said the new branch is expected to open late in the fourth quarter of this year, depending on the construction. The building will be renovated into a full-service branch.
Some of its services will include investment advice, mortgages and business banking.
“When you walk in, there’s a living room space that is designed not just to be a waiting area but also be a financial education area of the branch,” he said. “It’s unique in its layout. It’s a cutting-edge design that we use in our new markets that we’re going into as opposed to areas of the country that we’ve been in for decades.”
About 10 employees will work there. Positions start at $18 per hour, Howell said.
Chase expects to open two more branches in the area by the end of 2023.
As of March 31, the bank had total deposits of $2.63 trillion, according to the FDIC.