JP Morgan has extended its Chase Private Client services offering to branches in Louisville and Lexington in Kentucky, Family Wealth Report can confirm.

The Chase Private Client subsidiary was launched in 2007 and is aimed at customers with at least $500,000 in investable assets.

“We think they have been underserved,” Jamie Reed, regional director for Chase Private Client’s Midwestern region, told Business First.

Clients of this unit are assigned a team led by a private client banker at JP Morgan’s private client unit, and receive benefits such as preferred rates on savings and checking accounts.

The extension of these services is part of plans outlined in an investor-day presentation last year, when JP Morgan said it was planning to add 750 new Chase Private Client locations over the course of the year and hire hundreds of bankers and advisors in a profitability drive targeting the mass affluent.

It said it would focus on California, Texas, Florida, Arizona, Washington, Tri-state, Midwest, Los Angeles and San Francisco.

At the time, JP Morgan indicated a more segmented approach to consumer banking, highlighting the profitability of higher-end customers and the opportunities in this space.

As well as the CPC offering, JP Morgan has its private bank, which targets clients with over $5 million in private wealth.