Bank of America plans to expand its financial center network with 55 new branches in 2023 and while entering nine new markets over the next four years.
Over the past 12 months, Charlotte, North Carolina-based Bank of America has closed 188 branches across the country, while opening 53 new branches, according to data from the Federal Deposit Insurance Corp.
Even as it adjusts its retail banking presence in well-established markets, this year the company will begin a multiyear retail banking expansion of its full-service centers across nine markets in four new states: Nebraska, Wisconsin, Alabama and Louisiana, the company said Tuesday.
The financial centers offer a range of services with offices and meeting spaces for clients to talk with specialists.
As part of the ongoing optimization of its financial center network, Bank of America is also expanding the number of community banking centers it operates to 700 from 600. These locations offer fewer services than the financial centers.
The move keeps Bank of America, the nation’s second-largest banking firm, on pace with JPMorgan Chase, the nation’s biggest.
JPMorgan Chase recently became the first bank in the country to have a physical presence in the 48 contiguous states.
At an investor presentation last month, JPMorgan Chase said it has averaged adding about 100 new locations per year over the past six years. Over the past 12 months, it has opened 129 new branches and closed 222 branches, according to FDIC data.
"Our financial center strategy is designed to serve our clients when, where and how they choose to manage their financial lives," Aron Levine, president of preferred banking at Bank of America, said in a statement. "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."
By the end of 2023, Bank of America plans to complete a three-year project to renovate and modernize its financial centers across the country.
Through this effort, more than 2,500 existing centers will have been updated with a focus to create offices and meeting spaces for clients to talk with specialists, make state-of-the-art technology easier to access, and ensure clients have a consistent, modern experience.
Bank of America currently operates about 3,900 U.S. financial centers.