Vermont Business Magazine Chase will swing open the doors of its first Vermont branch Wednesday when it opens a state-of-the art bank location at 1 Church Street in Burlington. Current plans call for three branches in Vermont over the next two years including South Burlington and Williston.
“I am thrilled and so proud to open the first Chase branch in Vermont, especially in downtown Burlington,” said Branch Manager Steven Wald. “Our team is excited and invites the Burlington community to come by and enjoy the difference Chase brings to the client experience.”
The expansion into Vermont adds retail and business banking to a market where the firm already serves nearly two hundred thousand consumers and local businesses, including clients through its Commercial Bank. Today in Vermont, Chase serves 130,000 consumer customers and 6,300 businesses. The firm also has a large office in South Burlington supporting lockbox services delivered to wholesale public sector state government, and Federal government clients.
“Our company has a presence in Vermont for a few years now,” said Laura Cortese, Chase Market Director for Vermont, Maine and New Hampshire. “And now we are bringing the power of our branches. The response has been very, very strong.”
The branch is about 3,000 square feet and features modern, bright designs with comfortable meeting areas and state-of-the-art banking technology. A dedicated Chase Private Client team will provide premium banking services, personalized attention and access to the expertise and investment capabilities of J.P. Morgan to help families reach their most important goals. Customers may also meet with financial and home lending advisors and business banking relationship managers.
The branch team of about 10 employees was hired locally. Entry-level employees will be paid no less than $18 per hour and will receive the firm’s full benefits package, which is valued at an average of $12,000 annually per employee in this pay range. It includes health care coverage and retirement savings, as well. To help ease the burden of out-of-pocket medical expenses, the firm also reduced medical plan deductibles by $750 per year for employees making less than $60,000.
In celebration of the branch’s Grand Opening, Chase is investing $5,000 in Champlain Housing Trust and their work to strengthen the northwest Vermont community through the development and stewardship of permanently affordable homes and related community assets.
“Champlain Housing Trust is a valuable resource working tirelessly to ensure people have access to safe, secure housing and I’m proud we can support their work,” said Wald. “Burlington is a thriving place and we are committed to engaging and collaborating with leaders like Champlain Housing Trust to help address the needs of this incredible community.”