News

Bank One in ATM investment mode

March 30, 2004

INDIANAPOLIS, Ind. - Bank One, which in January agreed to be bought by New York-based J.P. Morgan Chase & Co., will invest nearly $16 million expanding and upgrading its Indianapolis area operations, including upgrading or replacing 45 ATMs, building six new offices and renovating its existing 89 banking centers.

According to a report in the Indianapolis Star, Bank One will invest more than $18 million in Indiana this year.

Bank One will spend $2.65 million to replace 87 ATMs in Indiana in 2004, including $1.33 million for the 45 in the Indianapolis area. The replacement program is part of a broader initiative begun last year to upgrade Bank One's entire network of 4,300 ATMs. In 2003, Bank One replaced 90 ATMs in Indiana.

According to the Star, Bank One will spend a total of more than $5.7 million in Indiana upgrading ATMs by the end of 2004.

This year Bank One plans to replace 550 ATMs and install another 50 machines in Walgreens stores and other non-bank locations and build 30 new branches in its home market of Chicago at an estimated cost of $55 million.

In 2003, the bank replaced 415 ATMs, added 74 new ATMs, including 11 at Chicago Transit Authority train stations, and opened 20 new branches at a cost of more than $30 million.

(See related story Bank One adding ATMs, branches in Chicago)

Late last year Bank One announced plans to open one new branch, at a cost of at least $2 million, and spend some $2.75 million to remodel its current 54 branches and update its ATMs in Dayton, Ohio.

It also signed a deal to assume control of 38 ATMs at lDayton-area Speedway gas stations, bringing its total number of ATMs there to more than 100.

(See related story Bank One to spend $5M on ATMs, branches in Dayton)