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JPMorgan Chase & Co.'S $1.9 billion purchase Thursday of Washington MutualInc. nearly doubles the size of Chase's ATM network, giving the bank a stronger presence in the Pacific Northwest and on the West Coast, Kate Monahan, an analyst with Aite Group, tells ATM&Debit News.
Before purchasing Seattle-based WaMu, Chase operated 9,310 ATMs, and WaMu
operated 4,962 ATMs. Combined, the new financial institution will operate 14,272
ATMs in 23 states, New York-based Chase said in a report.
Chase, however, remains the secondlargest bank operator of ATMs behind
Charlotte, N.C.-based Bank of America. BofA owned 18,531 ATMs at the end of
the second quarter on June 30. Bank of America's ATMs are in 28 states.
Unlike BofA, which owns most, if not all, of its ATMs, WaMu grew its ATM network through an agreement with Cardtronics Inc., the Houston-based
independent sales organization and the world's largest independent deployer of
ATMs.
Cardtronics tells ATM&Debit News it had a relationship with WaMu , and it has
one with Chase. Cardtronics is working with Chase to convert Washington Mutual's branded ATMs to the Chase brand, according to a Cardtronics spokesperson.
As of the second quarter, Cardtronics operated 893 ATMs branded with WaMu's logo.
The machines are located mostly in CVS/Pharmacy drugstores, according to
documents obtained by ATM&Debit News. WaMu owns 4,069 ATMs, and 893
are branded. Cardtronics also deploys branded WaMu ATMs in Walgreen's drugstores, located mostly in Florida.
WaMu customers can withdraw cash surcharge-free from ATMs in CVS and
Walgreen's drugstores.
The deal between Chase and Washington Mutual strengthens Chase's ATM network in Arizona, California, Georgia and Washington State, Monahan says. Cardtronics also has deployed ATMs for WaMu in Texas. "Chase is increasing its ATM presence in larger and more populated states across the country," Monahan adds.
