As part of a nationwide expansion announced in January, JPMorgan Chase is opening an office in Idaho intended for the “middle market” of business customers, including hiring an Idaho-based commercial banking market executive.
Chase entered the Idaho market in 2008 with its acquisition of Washington Mutual, and since then has primarily served consumers and small business, said Gregory Smith, market executive. Customers in the middle market – which Chase defines as between $20 million and $500 million in top line revenues – were being served out of Salt Lake City. Existing and prospective Idaho business customers made it clear they wanted to be serviced more locally, he said.
“It’s not that myself or my team is bringing something new from the expertise standpoint,” Smith said. “What the firm has done is committed resources to serve businesses and communities locally.”
For now, the office, which includes two additional middle market bankers, is in a temporary office space at the Regus facility in The Village in Meridian, but by the first quarter of next year it will likely move into the Chase branch in downtown Boise, Smith said.
“We’re leaning toward the downtown location, given that we already have folks there with the rest of the financial services group,” he said.
In addition to covering middle market, Smith also covers “specialized industries,” or vertical markets, including technology, healthcare, and government entities, including universities, he said.
Smith was recruited from Wells Fargo, where he spent the last 13 years, most recently as director of business development for the middle market group.
JPMorgan Chase has 20 branches in Idaho and employs more than 150 people. The company announced a nationwide $20 billion, five-year expansion plan in January.