Friday, September 20, 2013

Cha-Ching! Another New Chase Bank is Coming to Town!

It's been a few weeks since I heard of a new Chase Bank opening in metro Atlanta, thank goodness that drought is over!

Chicago-based Chase Bank plans to open a new branch on Roswell Road in Sandy Springs early next year.  The new branch will replace a shuttered Exxon gas station and convenience store at the corner of Roswell Road and Mt. Vernon Highway.

The large parcel gives Chase access from both Mt. Vernon and Roswell and will undoubtedly feature drive-thru banking.

Chase Bank has been aggressively growing their presence in the metro area as it tries to compete with established local and national institutions already entrenched in the area.  SunTrust Bank, Wells Fargo, Bank of America and BB&T are the market leaders but acquisitions and new branches are threatening the big four.

Pittsburgh, Pennsylvania-based PNC Bank, which last year purchased Atlanta operations of Michigan-based Flagstar Bank and all of Raleigh-based RBC Bank USA, went from zero representation in Atlanta to what some say is now the 7th largest-bank in metro Atlanta, ranked by deposits.

Chase, on the other hand, has been growing their presence by snapping up prime real estate and opening new branches.  New branches have already opened in Roswell, Alpharetta, Decatur, Toco Hill, East Cobb, Marietta and Johns Creek, among others, with still more in the pipeline.

Recently, the former Pizza Hut at Sidney Marcus Boulevard and Piedmont Road in Buckhead was torn down for what will soon become a new Chase Bank branch.

For anyone keeping track, the new Chase branch at Piedmont & Sidney Marcus is less than two miles from the relatively new location on Cheshire Bridge near the Tara Theater.  The new Sandy Springs Chase branch is just under six miles from the recently opened branch in north Buckhead on Roswell in Chastain Square shopping center.

While one could argue, and if they were in real estate, they might just win, each branch is theoretically in a different "trade area," but can Atlanta really support this many banks?  Better question, does Atlanta need this many banks?

Gimme your two cents...

1 comment:

Anonymous said...

I'm guessing they are primarily servicing businesses and large chain retail (I.e.McDonalds and its franchisees). I'm sure consumer banking is just icing on the cake. They might also chase some large "floorplan" type relationships.

I think they are growing here to service existing national accounts and then trying to grow local business. There is plenty of cash in Atlanta for Chase to chase.