FARGO — A Chase Bank is planned for the former site of Pier 1 Imports in Fargo, building permits filed with the city indicate.
According to the permits, the new bank, located at 4330 13th Ave. S., is expected to be constructed at a cost of about $2.2 million. The bank will replace the Pier 1 store, which closed its doors for good on Wednesday, Sept. 23.
The Fargo store had seemingly been spared closing during Pier 1's bankruptcy proceedings, but the COVID-19 pandemic forced the furniture and home decor chain to close all of its retail locations.
The branch, which will be North Dakota's first Chase Bank, is slated to open during the second quarter of 2021.
"The opening of our new branch represents Chase’s commitment to serving the community of Fargo," an emailed statement from a Chase spokeswoman read. "Chase has vast experience in helping consumers and businesses with their financial needs and our branch is proud to announce plans to join the community. Bringing branches to the area gives customers expanded access to our products, digital tools, and tailored in-branch experiences, like financial advice, from short-term savings to retirement."
The Architects Partnership, a Chicago-based firm, is overseeing the design. The firm's website stated it has worked with JPMorgan Chase for 41 years on numerous banking projects across the Midwest.
"Our new branches will be built with modern design elements, intended to be open and collaborative, comfortable, inviting environment, seamless customer experience," the statement said. Energy-efficient features will also reduce energy consumption by 15% and light-related consumption by 50%.
Headquartered in New York, JPMorgan Chase (NYSE: JPM) handles over $2.6 trillion in customer assets and has over 250,000 employees, the institution's website said. By total assets, JPMorgan Chase is the seventh-largest bank in the world and the largest in the United States, ranking ahead of Bank of America, Citigroup and Wells Fargo, Standard and Poor's reported in April.