Business Buzz By Rich Baehrle
While many financial institutions continue steering customers toward mobile banking and digital services, JPMorgan Chase is investing in traditional banking with plans to open new branches in Ocean City and Somers Point.
In Ocean City, Chase is renovating the former Republic Bank building at 201 E. Ninth St., on the corner of Ninth Street and West Avenue. The approximately 3,000-square-foot building occupies one of the city’s busiest gateways and includes parking and a drive-through.
The branch originally opened as Republic Bank in January 2022. After Republic First Bank failed in April 2024, Fulton Bank acquired most of its deposits and assets before closing the Ocean City location on Sept. 16, 2024. The property was occupied for less than three years.
Ocean City investors Raj and Yogi Khatiwala purchased the property from FDIC-related ownership on June 26, 2025, for a reported $2 million. Chase later acquired the site from the Khatiwala brothers. The acquisition was announced in July 2026, though the final deed date and purchase price have not been publicly disclosed.
Renovations are underway, and Chase is recruiting employees for what it calls its “Ocean City West” branch. While the company has not announced an official opening date, reports indicate the branch is expected to open in 2027.
Chase is also planning a new branch at Somers Point Plaza, 274 New Road, the shopping center anchored by ACME and Target. The project includes construction of a standalone bank building, adding another financial institution to the busy Route 9 commercial corridor.
Environmental permitting has been underway since late 2025, and Chase is advertising positions for the new Somers Point location. An opening date has not been announced.
The expansion comes as Chase continues investing in physical branches despite the rapid growth of online banking. The company says its branches are designed to serve as financial centers where customers can meet with bankers to discuss mortgages, business lending, investments and retirement planning. Nationwide, Chase plans to open more than 160 branches in 2026 as part of an initiative to add more than 500 locations by 2027.
The Somers Point project also coincides with a period of significant commercial investment throughout the city.
At Defeo Plaza, 331 New Road, the former McNaughton’s Garden Center property is being redeveloped to include standalone Chick-fil-A and Panera Bread restaurants with drive-through service, approximately 19,000 square feet of retail space and 9,500 square feet of office or medical space.
Elsewhere, Aldi is redeveloping the former Rite Aid/Walgreens property at New Road and West Groveland Avenue. Pablo, a new restaurant from the Zest Restaurant Group, is transforming the former Mexiquila and Clancy’s location at 101 E. Maryland Ave.
Additional projects include the Somers Point Paddle Club at Harbour Cove Marina and the expansion of Klemic Performance Method into a larger training facility at 514 New Road.
Taken together, these developments reflect continued investment in Somers Point’s commercial corridor and Ocean City’s year-round economy. Chase’s decision to establish branches in both communities underscores the company’s confidence in the long-term growth of the Jersey Shore market.
Rich Baehrle of Team Baehrle is a commercial and residential real estate broker with Berkshire Hathaway HomeServices Fox & Roach Realtors. He can be reached at 609-226-6680 or at richardbaehrle@gmail.com.
