J.P. Morgan Chase & Co. plans to close three of its Indianapolis branches this fall.
No employees will lose their jobs as a result of the closures, Chase spokeswoman Carlene Lule told IBJ on Friday.
The bank will close its branch at 20 W. 16th St. on Oct. 29, its branch at 6891 N. Michigan Road on Nov. 9, and its branch at 8910 E. 21st St. on Nov. 12.
Lule did not specify the reason for each closure but said in an email that low customer traffic or the presence of other nearby branch offices can lead to a location’s closure. Lule also cited the increasing adoption of mobile and online banking, which allows customers to handle banking transactions without visiting a branch.
Chase is the largest bank in the Indianapolis market, measured by deposits, and the bank will still have a sizable local presence after the closures.
The closures will leave Indianapolis with 34 Chase bank branches and another four ATM-only locations. The bank also has 27 branch offices scattered throughout the surrounding suburbs.
Nationwide, Chase has been closing more branches than it opens—though it is still opening new branches.
According to the Federal Reserve Bank of St. Louis, Chase has opened 77 branches around the U.S. so far this year, closing another 109. In 2019,f the bank opened 161 branches and closed another 227.