Chase to consolidate Racine branches

The Chase Tower in downtown Milwaukee.

Last updated on May 15th, 2019 at 04:59 pm

JPMorgan Chase & Co. plans to consolidate two Racine Chase Bank branches into its existing branch at 5815 21st St.

The Chase Tower in downtown Milwaukee.
The Chase Tower in downtown Milwaukee.

The company will exit its prominent branch location at 500 Wisconsin Ave. on May 18, said Christine Holevas, a spokesperson for Chase. There also is a nearby Chase branch at 4930 Douglas Ave., as well as Kenosha and Oak Creek branches which customers can use, she said.

Chase said it made the decision as a result of changing consumer banking habits, including the shift toward online banking and mobile deposits.

“Branches are one of our most important assets and we are continually evaluating our branch network market-by-market to ensure we are in the right sites as our customers’ locations and needs change,” Holevas said. “We continue to open new branches where it makes sense, renovate existing branches, and consolidate branches where there’s low traffic or overlap to allow us to provide a strong, successful branch network that can serve the community for the long-term.”

Chase occupied two of three floors in the 40,800-square-foot building at 500 Wisconsin Ave., which is owned by PMC Ventures, said Beau Beach, president of Prowess Investment Real Estate Services, which has the property listed for sale. Its lease is up in August.

The building had been on the market for about six months and Prowess had an investor lined up to buy the property, but Chase’s decision to exit the space caused the sale to fall through, Beach said.

Prowess is asking $999,000 for the building, and now is seeking a buyer who will also be a user of the space.

“It’s a trophy bank building,” Beach said. “There are a number of customers that rely on that location, so there are competing banks that are interested in purchasing the building.”

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Molly Dill, former BizTimes Milwaukee managing editor.

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