Bank of America is strategically enhancing its physical presence, demonstrating a commitment to meeting customers where they are and how they prefer to bank. CEO Brian Moynihan highlighted this dual approach, stating, “As part of our high tech and high touch approach, we continue to invest in digital capabilities, and to modernize our financial centers to reach more clients and meet their evolving needs.” This strategy not only focuses on digital advancements but also on expanding and modernizing physical Bank Of America Branch Locations to better serve communities and drive local economic growth.
This year marks a significant phase in Bank of America’s expansion, with a multiyear initiative targeting nine new markets across four states: Nebraska, Wisconsin, Alabama, and Louisiana. This expansion builds upon the bank’s existing robust network and aims to provide more customers with convenient access to its financial services.
Strategic Expansion into New Markets
Bank of America’s expansion is not just about increasing its footprint; it’s about strategic placement in growing markets to meet evolving customer needs. Aron Levine, President of Preferred Banking at Bank of America, explains, “Our financial center strategy is designed to serve our clients when, where and how they choose to manage their financial lives.” While digital banking adoption is rising, physical branches remain crucial for complex financial conversations and personalized advice.
Here’s a closer look at the planned expansion in new markets:
- Omaha, Nebraska: Leading the expansion, Omaha will see two Bank of America branch locations opening this year, with a total of five planned by 2025. This marks Bank of America’s entry into Nebraska, providing residents with new banking options.
- Louisville, Kentucky: Building on their initial entry into Kentucky in Lexington in 2021, Louisville will welcome five Bank of America branch locations starting in 2024. This expansion deepens the bank’s presence in the state.
- Boise, Idaho: Boise is set to receive its first Bank of America branch locations in 2024, with four locations planned in total. This move into Idaho signifies Bank of America’s growing national reach.
- Birmingham, Alabama: Starting in 2024, Birmingham will also see its first Bank of America branch location, with an ambitious plan to reach five locations by the end of 2026. This establishes Bank of America’s presence in Alabama.
- Madison, Wisconsin: Expanding into Wisconsin, Bank of America plans to open three Bank of America branch locations in Madison in 2025.
- New Orleans, Louisiana: Louisiana will also see new Bank of America branch locations with an expansion into New Orleans. Five locations are planned for this city starting in 2025.
- Milwaukee, Wisconsin: Following the Madison expansion, Milwaukee is slated to receive five Bank of America branch locations in 2025, bringing the total Wisconsin network to eight branches.
- Dayton, Ohio and Huntsville, Alabama: By 2026, Bank of America plans to further extend its reach into Ohio and Alabama by opening its first Bank of America branch locations in Dayton and Huntsville respectively.
This detailed expansion plan highlights Bank of America’s commitment to making its services more accessible across the United States.
Modernizing Existing Financial Centers
Alongside expansion, Bank of America has invested significantly in modernizing its existing Bank of America branch locations. By the end of 2023, a three-year renovation project will have updated 100% of its existing centers nationwide. These renovations focus on:
- Creating dedicated offices and meeting spaces for private consultations with financial specialists.
- Integrating state-of-the-art technology for easier access at the front of the centers.
- Ensuring a consistent and modern customer experience across all locations.
This modernization effort ensures that whether customers visit a new or existing Bank of America branch location, they will encounter a contemporary and customer-centric environment.
Community Banking Centers and Nationwide Reach
Bank of America operates a vast network of approximately 3,900 financial centers across the country. A significant portion of these, around 700, are designated as community banking centers, increased from 600. These centers play a crucial role in:
- Enhancing financial resiliency and economic mobility within communities.
- Connecting communities with job opportunities and essential banking products.
- Providing access to services, technology, and capital to support local growth.
Employees at community banking centers are trained in Better Money Habits® financial education resources, offering valuable learning sessions to clients on saving, planning, and managing finances. Furthermore, Bank of America is committed to serving diverse communities, with over 2,600 teammates certified to assist clients who do not speak English, including a large number certified in Spanish.
Bank of America’s extensive network means that approximately 240 million people across over 200 markets, representing more than 76% of the U.S. population, have access to the bank’s services through Bank of America branch locations. Continued investment since 2012 has extended access to an additional 16 million people.
Continued Growth and Accessibility
Bank of America’s commitment to expanding its Bank of America branch locations is clearly demonstrated by the opening of 58 new centers in 2022 and plans for over 55 more in 2023 across 34 markets. Over the past decade, the bank has strategically expanded into nine cities, including Denver, Minneapolis, Indianapolis, Pittsburgh, Salt Lake City, Columbus, Cincinnati, Cleveland, and Lexington, adding hundreds of locations.
This ongoing expansion and modernization of Bank of America branch locations underscores the bank’s dedication to providing accessible, convenient, and modern banking services to a wide range of customers across the United States. Whether through digital platforms or physical branches, Bank of America is focused on serving its clients’ evolving financial needs.
