PROVIDENCE – JPMorgan Chase & Co. recently became the first bank to accept government deposits in all 50 states, according to a news release.
The milestone comes as Chase Bank continues to expand its consumer banking branches, which most states require for a financial institution to receive or hold government deposits. JPMorgan is the only U.S. bank to achieve this distinction, the release stated.
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The expanded presence is intended to benefit public entities such as local governments, school districts and hospitals by giving them more choice for a financial institution or banking partner, the release stated.
Nancy Lavin is a PBN staff writer. You may reach her at Lavin@PBN.com.
