Alabama has been identified as one of four locations with special significance for JPMorganChase in 2025, according to a letter to shareholders from one of its top executives.

Tim Berry, global head of corporate responsibility, said the bank opened its first branch in Alabama five years ago and “we’ve grown our banking network to include 11 branches statewide, with plans to triple that number and hire an additional 170 bankers by 2030.”

He wrote, “We’ve helped support the state’s economy by financing the construction of manufacturing, wholesale distribution and recycling facilities, as well as the development of more than 650 affordable housing units. Our funding has been wide-ranging and had a positive impact on local economies.”

The other three locations identified in the letter are Columbus, Ohio, the United Kingdom and San Francisco, where “we take the time to understand a locale and what it needs to grow its economy,” Berry wrote. “We then … execute a tailored approach with goals like creating jobs, training workers, increasing access to housing and helping people grow their savings – all while strengthening the firm’s bottom line.”

Here’s what Berry said about Alabama in his letter to shareholders:

“JPMorganChase has provided banking and financial services to consumers, businesses and vital institutions across Alabama since 1973, and today we proudly bank Auburn University along with other colleges across the state. We’ve helped support the state’s economy by financing the construction of manufacturing, wholesale distribution and recycling facilities, as well as the development of more than 650 affordable housing units. Our funding has been wide ranging and had a positive impact on local economies. In Foley — one of the fastest-growing cities in the United States and a place where we plan to expand our branch presence next year — we invested $2.6 million through New Markets Tax Credits to the Coastal Alabama Farmers and Fishermens Market, which helped it grow to host 30 vendors, two retail stores and a wholesale distribution facility for vendors to sell local and fresh seafood, produce and meats.

Alabama has been identified as one of four locations with special significance for JPMorganChase in 2025. (The Birmingham Times)

“Five years ago, we opened our first bank branch in Alabama, creating a new opportunity for us to connect with consumers and to share insights gained from JPMorganChase Institute research. Earlier this year, the Institute published a report on how small businesses outside of metropolitan areas, like those beyond the boundaries of Alabama’s cities, fare in scaling to $1 million in annual revenue — a key milestone of business development and sustainability.

“Moved by the countless stories we heard from Alabamians eager to utilize our branches’ resources — and with the support of partners, including the Huntsville mayor and members of Congress — we’ve grown our banking network to include 11 branches statewide, with plans to triple that number and hire an additional 170 bankers by 2030.

“While our branch network’s expansion will help Alabamians access tools to bolster their financial health and even launch a company, we know the importance of working across sectors to develop community infrastructure aligned with these goals. To do so, we have supported nonprofits, providing technical assistance and community development finance throughout the state through partners like Appalachian Community Capital, The Capital Collective, Neighborhood Concepts and the Alabama Small Business Development Initiative.

“Because despite being a bank headquartered in New York City, we are proud to show up like a bank headquartered in Alabama.”

Letter to Shareholders from Tim Berry, Annual Report 2024 | JPMorganChase