Lake Forest Gets Second Chase Bank Location In December

LAKE FOREST, IL — JPMorgan Chase closed six times as many branches as it opened this year, but Lake Forest is one of three wealthy enclaves where the area's largest retail bank is expanding. When the new Chase location opens early next month in the former McDonald's at 884 S. Waukegan Road, Crain's Chicago Business reported it will be the first time since 1999 that Chase or its predecessors, including Bank One and Washington Mutual, have had two Lake Forest locations.

In 2018, Chase closed 18 branches in the Chicago area, twice the rate at which the mega-bank is shuttering branches nationally, Crain's reported. Recent suburban closures include Addison and Downers Grove with plans to close a Plainfield Location. In Chicago, the bank recently closed a Loop location and plans to shut down operations at North Center and Wicker Park locations, according to Crain's. Meanwhile, Chase opened a new branch in Hinsdale in June and in Chicago's Old Town neighborhood.

“We’re excited to expand in Lake Forest to make banking more convenient for our clients and future clients," said Joe Skarda, JPMorgan Chase's divisional director of consumer banking and wealth management. "Strong, growing communities are critical to our success and we look forward to working with the village’s clients and businesses to help them achieve their financial goals.”

Lake Forest provides more than $4 billion in bank deposits, Crain's reported. Chase is the fourth largest bank in town in terms of deposits. Lake Forest Bank & Trust, owned by Wintrust Financial, has 60 percent of the market.

In addition to the Waukegan Road new location across from the Sunset Foods grocery store, there are Chase retail banking locations at 300 Illinois Road in downtown Lake Forest and 965 Rockland Road in Lake Bluff.

Chase has signed a 20-year lease for the property, the building's owner, Frank Mariani of Lake Bluff, told the Lake Forester. He provided the city a one-time payment of $150,000 to offset lost sales tax revenue, Pioneer Press reported, as aldermen voted 7-1 to issue the bank a special use permit.

That vote prevented the possibility of a lawsuit over the property, which Chase and the landowner had threatened. The initial fight to try to block the McDonald's from opening in the 1990s eventually cost taxpayers $400,000.

At the time, residents expressed concerns that it would lead to "increased crime from drugs and robberies" and "graffiti from gangs and others not from Lake Forest." The fast food franchise closed last year after 20 years in business after landowner – 884 S. Waukegan Road LLC, which consists of Mariani and John Fiore – accepted a higher offer from a third party.

Read more from Crain's Chicago Business

Related:

• Lake Forest McDonald's To Be Replaced By Bank
• McDonald's Mural Moved Safely To Gorton Community Center
• Chase Threatens To Sue Lake Forest Over Use Permit: City Attorney