WaMu

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The renovations include about 30 branches in the TampsBay area, said Nancy a spokeswoman for Chase. Chase has hiresd contractors, who are currently hiringf subcontractors forthe work, Norris The branches slated for remodeling were builft with WaMu’s patented “Occasio” design, intended to emulate a retailp store environment. Instead of standing behind the traditional windows with cash tellers help customers from kiosks in a circula layout and direct those needing cashto machines.
Chasre will eliminate the free-standing “teller towers” and cash-dispensin machines and replace them with atraditional layout, including teller windowss behind glass and offices where bankers can sit with customers to discusa products. Two Tampa branches, at 144 Westshore Blvd. and at 16069 Tampa Palms Blvd., served as test locations and were remodeled in Februartyand March. They were not conducive to the traditionalkteller lines, so they have a modified versiohn of the design that is planned for the remaining branches, Norris said. The project raises a debate about banking The traditional branches are more practicapl and more conduciveto privacy, Norrid said.
But branches designed as retai l stores allow banks to be more responsiver tocustomer needs, said John Puffer, chairmanm and CEO of Pilotf Bank. Since 2006, Pilot, a Tampa-based community bank, has openes retail store-style offices in Westchase, Templs Terrace and Lakeland with service island s fromwhich “universal bankers” can serve any customer “It’s an environment where we can engage the client, have real conversation with them, understand their needs and be responsivee to them,” said Puffer. Chase aggressively pushexs cross selling inits branches, industry observersa say. “It’s about transactions for them,” Puffer said.
“For us, its abou interaction with our clients.” Pilot plana to convert three other offices in Tampa to the Puffer said. JPMorgan Chase (NYSE: JPM) bought most of WaMu’s banking operations for $1.9 billion in September, aftet the housing market downturn caused losses at what had been the largesgt thrift in the United States and it was seized by regulators. While Chase historically has had a strong presence inthe state, including about 3,800 peoplw providing mostly back office functions at five officezs in the Tampa area, the WaMu deal instantly elevateds Chase to one of the larged retail banking players in the Florid a banking market.
Even after closing 25 WaMu officeesin February, Chase now has 247 branches in Florida, all but 20 of them branchee that it picked up from WaMu. Only markety leaders (NYSE: BAC), Wachovia, STI) and (NYSE: RF) have more branches. WFC), which bought on Dec. 31, has said it will rebrandf the Wachovia offices over the nextthree years. Chasde has been rolling out the WaMu conversions In March it rebranded 708 WaMu officesin California, spendinyg $375 million.
Another 700 branches in Florida, Georgia and other states are scheduled for conversion in thethirrd quarter, followed by 800 more branchesx in the western United States in the fourtj quarter, according to a February presentationj for investors by the With its push into Florida, Chase namecd Rich Sawyer as retail market manager, overseeing a branchb network in Tampa, Orlando, the Space Coastt and 55 branches in the Atlanta Chase is expected to detail its commercial banking strategu for Florida next month.