JPMorgan Chase & Co. (NYSE: JPM) to Invest $1 Million into Phoenix Neighborhood

JPMorgan Chase & Co. (NYSE: JPM) has announced a $1 million investment during 2010 to two struggling Phoenix neighborhoods dealing with poverty, unemployment and low graduation rates.

“In supporting two of our most challenged neighborhoods, JPMorgan Chase is an example of the corporate citizenship the City of Phoenix needs now more than ever,” said Phoenix Mayor Phil Gordon. “We need public, private and grassroots involvement to keep neighborhoods healthy places for families to live, work and play.”

The $1 million commitment is part of an ongoing effort from JPMorgan Chase & Co. (NYSE: JPM) to make concentrated donations in a specific area over several yaers. Last year, JPMorgan Chase & Co. (NYSE: JPM) donated more than $800,000 to support programs in Phoenix’s Central City South and Golden Gate/Isaac neighborhoods.

According to a statement from the company, “Central City South recently unveiled its Quality of Life Plan, developed by neighborhood residents with support from the Phoenix Revitalization Corporation, Chase and other funders. Residents of Golden Gate/Isaac will announce a similar plan soon. The plans help Chase and community partners invest resources where they will make the most impact over time. “

“JPMorgan Chase is making a long-term commitment to these neighborhoods because we are confident these programs will help educate, employ and empower people,” said Mary Martuscelli, President of JPMorgan Chase in Arizona. “We are also asking other non-profits to join us in areas of our community that need it most.”

“JPMorgan Chase is reaching out to some of our long-term community partners and actively looking for new ones,” Martuscelli said. “It’s terrific to see what we can do by working together.”