Chase adds local WaMu branches

NEW YORK – JPMorgan Chase & Co. (NYSE: JPM) initially will take on three new bank branches in the Boulder Valley after acquiring all deposits, assets and certain liabilities of the failed bank Washington Mutual from the Federal Deposit Insurance Corp.

Washington Mutual, also known as WaMu, has two branches in Boulder and one in Broomfield. Chase has 11 branches in the Boulder Valley.

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“It’s important for Washington Mutual customers to know that their deposits are safe and backed by the strength and security of JPMorgan Chase,´ said Mary Jane Rodgers, a spokeswoman for Chase.

Chase has yet to determine how many local former WaMu branches it will keep open. The bank plans to complete most systems integrations and rebranding by year-end 2010, closing less than 10 percent of branches in the combined network in overlapping markets.

For now, all local WaMu branches are open for business, Rodgers said. Chase’s first priority will be to integrate WaMu’s ATMs into the Chase network she said. Chase and Washington Mutual customers should be able to access the combined network of 14,000 ATMs without fees in the coming months.

Nationwide, the acquisition expands Chase’s consumer branch network into California, Florida and Washington. Chase will have a total 5,400 branches in 23 states. Rodgers said Chase took over 41 WaMu branches in Colorado. It now has a total of more than 80 branches statewide.