Hot Pursuit

Jeremy Young, a top Florida executive for JPMorgan Chase, doesn't talk like someone whose industry is fresh off a five-year tailspin.

In fact, Young's division, which spreads from Naples to Tampa and parts of central Florida, is ascending. The New York City-based bank, with $2.29 trillion in assets through June 30, intends to open more than 50 branches in Florida this year, including at least a dozen on the Gulf Coast. The bank opened 40 branches in Florida in 2011, and now has 318 locations statewide.

“We want to be where our customers live and vacation,” says Young. “We are really just playing catch up now.”

Chase isn't alone among the nation's big banks in focusing, or refocusing, on Florida. San Francisco-based Wells Fargo, for example, recently announced plans to add branches and bankers in the state, mostly in the Miami region.

But Chase stands out in its large-scale rapid expansion pursuit. The bank spent $160 million on Florida expansion in 2011, and has spent more in 2012, Chase officials say. “The uncertainty is going to be there, but people will always need banking services,” says Young. “We feel like our customers will always have financial needs.”

The Florida investment is significant, moreover, because five years ago the state was an afterthought for Chase, the largest bank in the country by assets. Chase had six branches in the entire state through 2008. Then it bought Washington Mutual, one of the first large bank failures of the recession.

That acquisition turned Chase into a player in Florida, with roughly 200 branches statewide. Some of the current locations are remodeled Washington Mutual branches, while others are new construction. New locations over the past year include a onetime Sonic fast-food restaurant in north Manatee County and another restaurant building in Naples. Location and road access for customers trumps a building's former occupant in the Chase model, executives say.

Young also says Chase hasn't shied away from branches in neighborhoods already heavily populated with national banks. “If someone is opening an office across the street, that's our competitor,” Young says. “We want to take care of all the customers.”

The latest Chase branch in Sarasota is an example of the new ways in which the bank wants to serve customers better, says Young. The branch, on the ground floor of One Sarasota Tower, a prominent downtown office building, has a modern retail design and utilizes new technology. A former Colonial Bank office, the 4,000-square-foot branch has a self-serve teller and a paperless teller.

The branch, which opens at 7:30 a.m., is also one of the first in the Sarasota-Bradenton market to have Chase Private Client. That program is a series of products designed for affluent customers. Other Chase programs cater to small business needs. The bank is the No. 1 Small Business Administration lender in the country.

With all the rapid growth, Young says a big priority is to make sure the bank stays in attack mode. “Are we reaching out to every business? Are we reaching out to every customer?” Young asks. “As good as we are doing, we just can't rest on our laurels.”

Video: Amanda Heisey