JPMorgan Chase & Co. opened its first retail branch in North Carolina on Aug. 7, and the bank plans to create a network of branches with 40 locations in the state over the next three years.

The first branch is located at 133 W. Franklin Street in Chapel Hill.

The network will be focused on the Charlotte area. JPMorgan Chase will hire about 250 employees throughout the state. The bank already has a commercial and private banking presence in North Carolina, with offices in Charlotte, Raleigh and Greensboro.

The country's largest bank by assets will be entering the Charlotte area as competition for deposits there heats up. The city is the planned headquarters for Truist, the bank resulting from the combination of BB&T Corp. and SunTrust Banks Inc.