(Updated: 3:32 p.m.)
PROVIDENCE – JPMorgan Chase & Co. has entered the Rhode Island market, opening a small middle-market banking office in Providence.
The New York-based bank called the opening a “key milestone,” saying it now has a local presence in all 50 metropolitan statistical areas – as defined by the U.S. Census Bureau based on population density – in the United States.
“There are great companies all across the U.S. and we want to be there for our clients, providing a local convenient experience as well as seamless connectivity to our firm’s extensive resources and incredible people,” said John Simmons, head of middle-market banking and specialized industries at JPMorgan Chase. “We are committed to the markets, hiring top talent and investing in the communities. This is a 100-year journey and we want to bring more value to our clients for the long-term.”
The Providence office at 10 Dorrance St. will serve businesses with more than $20 million in annual revenue in various industries, including technology, life sciences and health care, according to the bank. The office will be headed by one banker to start, who will report to the head of the New England region based in Boston, according to a spokesman.
“The U.S. continues to be a leader in the innovation economies, and we’re focused on serving companies in these sectors with in-depth knowledge of the complexities, challenges and opportunities that are unique to their business,” said Scott Geller, head of the specialized industries practice for middle market. “By speaking the same language as our clients, we can engage in a strategic dialogue to position them for success.”
JPMorgan Chase is a global financial services firm.
Eli Sherman is a PBN staff writer. Email him at Sherman@PBN.com, or follow him on Twitter @Eli_Sherman.
