JPMorgan Chase gains regulatory OK for first High Point branch

JPMorgan Chase & Co. has received federal regulatory approval to open its first branch in High Point.

The Office of the Comptroller of the Currency authorized the nation's largest bank to open a branch at the southwest corner of the intersection of North Main Street and Fisher Avenue.

According to industry analysts, a branch can cost between $1 million and $4 million. The price depends on whether it is being opened in an existing building or built from scratch.

Chase's branches in Greensboro are at 435 Pisgah Church Road and 1610 New Garden Road.

Chase debuted its first Winston-Salem branch in June at 426 S. Stratford Road. The location is a former Bank of America branch site.

Chase's second Winston-Salem branch is located at 4625 Country Club Road, at the former headquarters of Southern Community Bank and Trust.

The bank's third planned Winston-Salem branch will be at 102 Laura Ave., across the street from the Target-anchored retail site off University Parkway.

JPMorgan is pursuing regulatory permission to open a branch in Asheboro, Burlington and Kernersville, the latter at the southwest corner of Century Boulevard and South Main Street.

Winston-Salem and the Triad are at the forefront of a trend in which new entrants - primarily from outside North Carolina- are opening branches in hopes of establishing a foothold in highly competitive banking markets.

The storefront strategy is headlined not only by JPMorgan Chase, but also by No. 8 PNC Financial Services Group, No. 9 Fifth Third Bancorp and No. 18 Huntington Bancshares Inc., according to Federal Reserve rankings.

The overarching theme appears to be being in-sight, in-mind - that when something is visible to a consumer, it is more likely to be remembered and considered as an option.

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