BofA plans to open financial centers in nine other markets by
2026.
In 2023, the company intends to open more than 55 additional
financial centers in 34 regions.
By year's end, the financial center network will have
undergone a three-year overhaul.
NC CHARLOTTE: In order to better serve its customers and communities, Bank of America today announced that it will extend its financial center network into nine additional cities over the course of the next four years. These markets will include banking, investing, retirement, lending, and small business solutions. The corporation will now run banking centers in more than 200 markets throughout 39 states as a result of this growth.
Map of
the contiguous United States titled “BofA Financial Center Presence by 2026”.
Description
of the Image:
A map showing the "BofA Financial Center Presence by
2026" throughout the contiguous United States. The BofA Expansion Markets
for 2023–2026 are located in Omaha, Nebraska; Dayton, Ohio; Madison, Wisconsin;
Milwaukee, Wisconsin; Birmingham, Alabama; Huntsville, Alabama; Boise, Idaho;
Louisville, Kentucky; New Orleans, Louisiana. Wisconsin, Louisiana, Nebraska,
and Alabama are the new states with BofA Financial Centers. Idaho, Illinois,
Indiana, Iowa, Kansas, Kentucky, Maine, Maryland, Massachusetts, Michigan,
Minnesota, Missouri, Nevada, New Hampshire, New Jersey, New Mexico, New York,
North Carolina, Ohio, Oklahoma, Oregon, Pennsylvania, Rhode Island, South
Carolina, Tennessee, Texas, Utah, Virginia, and Washington are the current
states that have BofA Financial Centers.
"We continue to invest in digital capabilities and
modernize our financial centers as part of our high tech and high touch
approach to reach more clients and meet their evolving needs," stated
Brian Moynihan, CEO of Bank of America. "We can better serve our clients
and promote local community development by extending our capabilities in these
markets."
This year, the company will start a multiyear retail banking
expansion across nine markets and four new states, including Nebraska,
Wisconsin, Alabama, and Louisiana, in addition to optimizing its retail banking
presence in well-established markets:
1. Omaha: By 2025, Bank of America hopes to have five locations open overall. This year, the bank will open two financial centers in Omaha.
2. Kentucky – Beginning in 2024, Louisville will see the opening of five financial centers. In Lexington, the bank's first Kentucky locations opened their doors in 2021.
3. Boise: With plans to open four locations overall, Bank of America will also open financial centers in Boise in 2024.
4. Birmingham - The bank intends to open five financial centers by the end of 2026, starting with its first location in Birmingham in 2024.
5. Madison: In 2025, Bank of America intends to open three locations in Madison.
6. New Orleans: The bank is extending its reach into Louisiana by setting up shop in the city. By 2025, it hopes to have five locations there.
7. Milwaukee - In 2025, the company plans to open five financial centers in Milwaukee, expanding its Wisconsin network to eight centers, after expanding into Madison.
8. Dayton as well as Huntsville: By 2026, Bank of America intends to establish its first financial centers in Dayton and Huntsville, expanding its footprint in Ohio and Alabama, respectively.
Aaron Levine, President of Preferred Banking at Bank of
America, stated, "Our financial center strategy is designed to serve our
clients when, where, and how they choose to manage their financial lives."
Even though more customers are utilizing our online banking services, many
still come into our centers to speak with someone in person about some of their
more complicated financial requirements. They can easily meet with experts for
individualized solutions and guidance on their financial objectives and life
priorities thanks to our redesigned centers.
Present-day
Banking Hubs:
The bank plans to finish a three-year project to modernize
and renovate its financial centers across the nation by the end of 2023. With
an emphasis on creating offices and meeting spaces for clients to speak with
financial specialists, making state-of-the-art technology easier to access at
the front of the centers, and guaranteeing clients have a consistent, modern
experience inside every center, all 100 of its existing centers will have
undergone renovations as a result of this effort.
The bank is increasing the number of community banking
centers it operates to 700 this year from 600 as part of its ongoing
optimization of its financial center network. By providing jobs and access to
core banking products, services, technology, and capital through its community
banking centers, Bank of America promotes financial resiliency and economic
mobility while fostering the growth of local communities. Community banking
center employees receive regular training and certification in Better Money
Habits financial education resources. They also conduct financial education
sessions with clients, teaching them how to budget, save, and manage their
money. Nearly 90% of teammates are certified in Spanish, and the remaining
associates are certified, making over 2,600 teammates qualified to assist
clients who do not speak English.
Currently, Bank of America runs about 3,900 financial
facilities all over the nation. Majority-minority communities comprise 44% of
these centers, while LMI communities make up nearly 30% of them. More than 76%
of the US population, or 240 million people, have access to the bank's services
through its financial center network, which spans more than 200 markets. Since
2012, the bank has added 16 million more customers by making continuous
investments in its network of financial centers, giving them access to services
that they were not previously able to receive.
All financial centers in these new markets will have artwork
by artists who are disabled or affected by homelessness as part of a national
collaboration with Art Lifting. By 2023, the initiative has grown to include
artwork from 27 artists that is on show in almost 1,000 financial institutions
around the nation.
Continuous
Extension:
In 2022, Bank of America opened 58 new centers; by 2023, the
company intends to open over 55 new locations in 34 markets. The bank added
nine cities in Colorado, Minnesota, Indiana, Pennsylvania, Utah, Ohio, and
Kentucky to its network of financial centers during the preceding ten years:
* Minneapolis: Since May 2015, the bank has established 28 financial centers in Minneapolis/St. Paul, and it plans to open four more.
* Indianapolis: In November 2017, the bank opened its first financial center in Indianapolis. Since then, it has grown to operate 18 locations with plans to open four more.
* Pittsburgh: Since September 2018, the bank has established 14 financial centers throughout the region, with its first one opening its doors.
* Salt Lake City—Banana America has established 20 locations in Utah as of May 2019, and six more are scheduled to open in the upcoming years.
* Columbus, Ohio: The bank has established 16 financial centers in Columbus, Ohio, since 2019.
* Cincinnati - Since 2019, the bank has opened 21 locations in Cincinnati, coinciding with its entry into Columbus.
* Cleveland: The bank has opened 14 financial centers in the past two years, and six more are slated to open throughout Ohio.
* Lexington: As part of its most recent growth, Bank of America has opened three locations in Lexington and plans to open more.
Bank of America
One of the top financial institutions in the world, Bank of
America offers a comprehensive range of banking, investing, asset management,
and other financial and risk management products and services to individual
customers, small and middle-sized businesses, and large corporations. With
roughly 3,900 retail financial centers, 15,000 automated teller machines, and
56 million verified digital users for its award-winning digital banking, the
company serves roughly 68 million consumer and small business clients in the
United States with unparalleled convenience. Serving businesses, governments,
institutions, and people worldwide, Bank of America is a global leader in
wealth management, corporate and investment banking, and trading across a wide
range of asset classes. With a range of cutting-edge, user-friendly online
products and services, Bank of America provides approximately 3 million small
business households with industry-leading support. Through operations in over
35 countries, the United States, and its territories, the company provides
services to its clientele. The New York Stock Exchange lists Bank of America
Corporation's shares (NYSE:BAC).