Chase Enters Newark Consumer and Small Business Market With Retail Banking Branch

Business Wire, March 25, 2002

Business Editors

NEWARK, N.J.--(BUSINESS WIRE)--March 25, 2002

JPMorgan Chase Bank ("Chase"), the retail banking arm of J.P. Morgan Chase & Co. (NYSE:JPM), today celebrated the opening of its first retail banking branch in the city of Newark. Chase is already a leading provider of financial services to commercial businesses in the Newark market and will now compete in the consumer and small business space here. Chase has 35 retail banking branches in other cities throughout northern and central New Jersey.

The state-of-the-art branch, located in the newly renovated building at 744 Broad Street, opened today with local officials and bank representatives, including Newark Mayor Sharpe James, marking the occasion. The 4,935 square foot branch consists of 2 floors featuring a full spectrum of products and services, including deposit accounts, insurance and investment counseling and self-service banking options, such as three 24-hour ATMs, express deposit boxes, safe deposit boxes and night-depository services.

Alfonso Ugarte, vice president, will manage the new facility for Chase, which will be open Monday thru Friday 8:30 a.m. to 4:00 p.m.

"Chase has created strong relationships with the Newark community through its middle market banking and community development efforts for many years and we are glad to add consumer and small business products and services to our offerings in this market," said Gloria Perez, New Jersey market integration manager for Chase. "We have already seen a very positive response to our presence and look forward to building upon our existing relationships in Newark."

In the Tri-state area (NY, NJ, CT), Chase has the following leadership positions:

#1 primary relationship bank (based on deposits)

#1 full-service bank for small businesses

#1 in market penetration and lead share for middle market companies

Chase also supports Newark by working with local partners on programs targeting homeownership opportunities, economic and community development, education, arts and culture. In addition, Chase provides supportive community grants through the JPMorgan Chase Foundation.

J.P. Morgan Chase & Co. is a leading global financial services firm with assets of $694 billion and operations in more than 50 countries. With relationships with over 99% of the Fortune 1000 companies, the firm is a leader in investment banking, asset management, private banking, private equity, custody and transaction services, and retail and middle market financial services. A component of the Dow Jones Industrial Average, JPMorgan Chase is headquartered in New York and serves more than 30 million consumer customers and the world's most prominent corporate, institutional and government clients. Information about Chase is available on the internet at www.chase.com.