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YOUNGSTOWN — The downtown Chase Bank branch will move in May 2021 to a smaller location at Realty Tower Apartments.
Mayor Jamael Tito Brown said he’s glad the bank is keeping a presence downtown.
“It’s a downsize for them, but it’s a trend for bank buildings,” he said. “We want them to have a physical presence downtown. It means a lot for them to stay downtown, and I’m pleased they’re doing that.”
Chase has been at 6 W. Federal St., known as the Chase Building, for several years, but will relocate to the first floor of Realty, 47 Central Federal St., where the Starting Lineup Barber Shop has been for the past five years.
The current and future locations are both on the city’s Central Square.
Carlene Lule, a spokeswoman for JPMorgan Chase Co., Chase’s parent company, said: “We are focused on providing a strong, successful branch network that can serve all customers. We were able to reposition our branch presence to better service our customers by opening a new location with the latest digital technology.”
She added that no employees will lose their jobs when the new branch opens.
Lule didn’t respond to a question Tuesday about how much space the bank will use at the new location.
The bank takes up 13,523 square feet on three floors at the Chase Building, according to the Mahoning County Auditor’s website. The 95-year-old building has about 135,000 square feet of total space.
The county website lists an office building and a retail store location at Realty — each 1,775 square feet in size.
The city’s Design Review Committee on Tuesday approved exterior signs for the new Chase location at Realty Tower Apartments.
Starting Lineup will move to the basement of the downtown apartment building, Brown said.
Chase’s current building is owned by USA Chase Building LLC, a sister company of the Frangos Group, which owns parking lots and other buildings downtown. Frangos developed Realty in 2009 and has since sold it.
Lou Frangos, chairman of the Frangos Group, said: “We just found out about (Chase leaving) the other day. We surmised it might happen. We’ll find a new tenant. We’ve been talking about selling the building. It’s for sale.”
The building is listed for sale at $2.7 million.
The Chase Building is about 40 percent occupied right now, Frangos said. Much of that space is the bank.
In June 2015, Chase closed its downtown Warren branch at 106 E. Market St. and moved its operations to 1160 W. Market St. In November 2019, Chase closed the 1160 W. Market St. location with Lule saying it was because of declining traffic.
dskolnick@tribtoday.com
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