Bank of America Plots Network Expansion

Bank of America is to establish a presence in four new states as part of a major expansion of its branch network.

This week, the bank announced plans to open financial centers in Nebraska, Wisconsin, Alabama, and Louisiana — four states where it currently has little or no reach through physical branches.

In addition, Bank of America will expand its presence in nine other markets in states including Idaho, Kentucky, and Ohio.

CEO Brian Moynihan said the changes formed part of a planned “high tech and high touch approach”, designed to “reach more clients and meet their evolving needs”.

“By expanding our capabilities in these markets, we are able to better serve clients, and help drive local community growth and development,” he added.

The expansion will take place over the next three years and follows a similar three-year renovation and modernization project to enhance existing locations.

Bank of America plans to add at least 100 community banking centers this year, bringing its total to 700, and intends to open “more than 55 new locations” for financial centers across 34 markets by the end of 2023. This is on top of the 58 additional locations added in 2022.

Aron Levine, president of preferred banking at Bank of America, said: “Although more clients are using our digital banking capabilities, many still visit our centers for in-person conversations about some of their more complex financial needs. Our redesigned centers make it easy for them to meet with professionals for tailored solutions and advice on their life priorities and financial goals.”

Financial centers in new markets are to feature art created by artists living with disabilities or “impacted by housing insecurity”, facilitated by non-profit group ArtLifting, the bank said.

The expansion goes against the long-term trend in the US banking sector, which has been to close branches as more people move their banking online. In 2021, US banks closed almost 3,000 locations — a 38% rise on the previous year.