For decades, global companies have seen the benefits of doing business in South Carolina, and JP Morgan Chase has added to that list.
In a moment of contraction of many businesses, the bank is betting on the expansion of its main branch in the Carolinas, with plans to open 90 new branches and hire 700 employees in both states in the coming years.
The company’s first branch in South Carolina opened in Clemson last fall, and in October, a second branch opened in Mount Pleasant, at 960 Houston Northcutt Blvd.
Five more agencies are expected to open by the end of 2020, with locations soon to be in Summerville and Mount Pleasant, as well as three in Greenville.
Since its expansion announcement in 2018, Chase has invested in the Carolinas, including adding 11 ATMs in the Charleston area alone. The company was especially attracted to the Charleston business community and the city’s appeal to international business, said John Kopanski, executive in the commercial bank market in Charleston and South Carolina.
The designation of the Holy City as one of the fastest growing cities in the country only reaffirmed Chase’s desire to enter the market. According to a recent study by the Charleston Regional Development Alliance, 38 people move to the region each day, on average.
Kopanski and Beth Russell, North Carolina and South Carolina banking manager, were two of those people who moved in the past few years. Like the first two South Carolina employees Chase hired, his job was to help build the bank’s brand and hire employees.
“When you look at other global companies that are saying, ‘Something’s going on in Charleston’ or looking at Volvo, Mercedes and Boeing and one of the fastest growing ports on the East Coast, Chase and JP Morgan say it’s time for us be here, ”said Kopanski.
He sees Chase’s long-term investment in the Carolinas as an asset not only for the region, but also for international business in the state, allowing growth potential for everyone.
Within the company, Kopanski has been leading the establishment of commercial bank operations in South Carolina for the past two years. He and his team are mainly focused on building relationships with medium to large companies.
The launch of the initial Clemson agency, said Kopanski, opened up many opportunities for Chase to work with the state government and local municipalities, which are required to have bank branches for their municipal bond and treasury jobs.
Following the success of the flagship, Russell hopes to be closer to opening another 15 to 20 branches across the state by the end of 2021. Mount Pleasant and Summerville were just the tip of the iceberg for the company.
“Both are high-growth areas, just like Charleston as a whole,” she said. “We found that, with the growth of both communities and the number of people moving into those communities, these are really exceptional places to start. We will continue to spread throughout the city, so we’re not just going to focus on Mount Pleasant or Summerville. “
Local hiring
After establishing the right leadership, recruiting the branch team is Russell and Kopanski’s most important focus. Part of the local impact they want to make is to acquire talent from the region, people who know the community and have connections. Then, they will add a combination of employees who have a background with Chase and can bring that experience into a healthy combination.
“We hope that with these retail centers we will have an impact on all businesses in the surrounding area. We use local companies and are very involved in the communities we serve, ”said Russell.
Here in South Carolina, his team in particular is focused on building relationships with small and medium-sized businesses.
Chase works with certified public accounting firms and attorneys, as well as other lines of business that can potentially drive business, creating an economic multiplier when the company decides to enter a region or market.
Already, said Russell, the bank has a footprint of more than 22,000 business customers and 600,000 consumer customers in the state.
“So we have a very strong foundation to build on, but we know there are a lot more opportunities for us here in Charleston,” she said. “We believe that this is the right time to support the tremendous growth that we are experiencing here.”
As a global bank with global resources, Chase stands out from other banks in what they can offer, said Kopanski.
“We have financial businesses, supply chain, products and solutions that even these small companies can take advantage of,” said Kopanski. “Today, large or small companies need to compete in the global environment. They need the tools and the ability to convert their US dollars to euros, to yuan to RMB, and we have built this foundation to support these businesses. ”
Talk to Teri Errico Griffis at 843-849-3144.