Yesterday, JP Morgan (JPM) announced that it will overtake all 233 bank branches and 450 ATMs in Florida that were formerly owned by Washington Mutual. The company invested $92 million in refurbishing and rebranding these ex-WaMu properties.
Chase, the US consumer and commercial banking brand of JPMorgan Chase & Co., now has a total of 239 branches and 1,025 ATMs in Florida.
Chase also upgraded products and technology to connect the former WaMu branches in Florida and six other states with its own network, giving customers full service at 4,200 Chase branches in 21 states.
So far this year, Chase has converted and rebranded 1,037 former WaMu branches in 11 states. By the end of 2009, about 1,800 former WaMu branches across the country will be operating under the Chase brand and on the Chase computer system, allowing customers to conduct their business at more than 5,100 Chase branches in 23 states.
After Washington Mutual was declared bankrupt last September, JP Morgan acquired its banking operations (minus unsecured debt or equity claims) from the Federal Deposit Insurance Corp. (FDIC) for $1.9 billion.
Read the full analyst report on “JPM”
Zacks Investment Research
