JP Morgan Chase Bank Plans To Open Groton Branch: Report

GROTON, CT — JPMorgan Chase is planning on opening a branch in Groton, according to The Hartford Business Journal. The banking giant will open a full-service branch on Poquonnock Road.

Chase's plans received approval from the federal Office of the Comptroller of the Currency, The Hartford Business Journal reported.

The bank has expanded in Connecticut recently, adding branches in Vernon and East Hartford. It now has a total of 67 locations in the state, according to the company's website.

The company has said its strategy is to continue opening physical locations, even as others close due to the rise of online banking. Half of the U.S. population lived within a 10-minute drive of a Chase branch in 2017. That number jumped to 60 percent, and now the bank is targeting 70 percent, Investopedia reported.

Chase's expansion is happening as other banks are shuttering branches in Connecticut. Wells Fargo has announced it will close branches in Waterbury, Darien, Monroe, and Danbury.

Webster Bank said in March it will close its Old Saybrook location.

See related: Connecticut Gaining 2, Losing 2 In Latest Bank Branch Shuffling

Another Connecticut Wells Fargo Bank Branch Set To Close This Summer