Brick and mortar banking is still part of the plan

Brick and mortar banking is still part of the plan

2021-11-11T16:27:09+00:00November 11th, 2021|Banking & Finance, Charlotte, Economy|

Writer: Alejandro Sanchez 

Brick and mortar banking2 min read November 2021 — While technology and digitized banking have taken center stage for the industry, an expansion of brick and mortar locations is still a significant part of the plan for certain banking institutions. In Charlotte, some financial institutions are on a mission to expand their physical footprint in one of America’s preeminent banking hubs. 

Last week, JP Morgan Chase opened a new branch in Beatties Ford Road, a historically underserved community where the bank is aiming to close financial gaps and promote financial literacy among its clients. With 13 branches in Charlotte and 20 in North Carolina, the bank continues to believe in the potential of the region as a national hub for financial services. 

“I am honored to have the opportunity to lead this branch in the neighborhood where I grew up,” said branch manager Nicole Byers during the inaugural event. “I know this area well, and I know that by physically being here, we are becoming part of the Beatties Ford community with a vested interest in its growth, equity and financial stability.”

Similarly, Minneapolis-based U.S Bank is looking to expand their retail presence in SouthPark and Blakeney. The two new branches will provide services related to mortgage, wealth management, as well as consumer and business banking. With two locations constructed since 2019, the bank is aiming to consolidate a local network of 10 sites in Charlotte and the surrounding areas over the next few years. 

“We’re actively looking for additional sites throughout Charlotte,” said U.S. Bank Executive Vice President Dee O’Dell in remarks to the Charlotte’s Business Journal. “We know where we want those to be, and we’re being thoughtful on the exact corner or the location and opportunistic when things have become available.”

Little Rock-based Encore Bank is another financial institution with plans to open locations in Charlotte. The financial institution believes that the city’s vibrant real estate, commercial and industrial sectors present a good opportunity to do business. As part of the same strategy, the bank is also looking to open locations in Piedmont Triad, Greenville, Asheville, Columbia, Raleigh and Wilmington. 

“As we talked about the model of what we were trying to do and the customers we would want to pursue, Charlotte was a natural fit,” said Michael Sharpton, regional president for the Carolinas at Encore Bank, to Charlotte Business Journal