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.
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.
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