Bank of America has closed more than 100 branches in 2023, and is preparing to close more locations next year, starting in January.
One of the reasons for the closures is the rise of online banking. In recent years, competition has increased against banks that offer only online services. There has also been a drop in transactions at physical branches amid demand for increasingly digitalized and remote banking experiences.
For many banking institutions, maintaining certain offices are no longer profitable and have a high cost due to the fact that more and more transactions are carried out outside of them. Banks have therefore tried to adapt to the evolving needs of their clients.
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Banks must notify the OCC of upcoming closures
When banks want to close a branch, they must notify the Office of the Comptroller of the Currency (OCC) at least 90 days before the closing date. This notification is made through an Advance Branch Closing Notice.
Each of the closures is documented in a weekly bulletin which can be found on the OCC web portal. According to the bulletins of December 2 and 9, Bank of America has closed six branches this month.
The bank is closing down a number of others in January.
Bank of America branches closing in January 2024
Taking into account that the closure announcement must be made 90 days in advance, October newsletters include information on Bank of America branches that could close in January or later.
According to bulletins shared by the OCC in October, Bank of America posted the Advance Notice of 24 branch closures in states such as Connecticut, Pennsylvania, New York, California, Florida, Georgia, and Texas. Here is the complete list of locations:
- 162 E PUTNAM AVENUE, COS COB, CT
- 3745 ARAMINGO AVENUE, PHILADELPHIA, PA
- 552 SOUTH SIXTH, REDMOND, OR
- 60 HEMPSTEAD AVENUE, WEST HEMPSTEAD, NY
- 79 MAIN STREET, PORT WASHINGTON, NY
- 2300 GRAND AVENUE, BALDWIN, NY
- 6 EAST TRENTON, AVENUE MORRISVILLE, PA
- 619 E. ST., MARYSVILLE, CA
- 200 KENTUCKY ST., PETALUMA, CA
- 296 SUMMERHILL ROAD, SPOTSWOOD, NJ
- 70 FARMINGTON, AVENUE HARTFORD, CT
- 48 WALL STREET, NORWALK, CT
- 101 WEST RIDGECREST BLVD., RIDGECREST, CA
- 7500 GULF BOULEVARD, SAINT PETE BEACH, FL
- 1200 FAIRMONT DRIVE, SAN LEANDRO, CA
- 7900 SHOAL CREEK BLVD., AUSTIN, TX
- 1253 A STREET, HAYWARD, CA
- 18120 SHERMAN WAY, RESEDA, CA
- 337 MAIN ST., PLEASANTON, CA
- 936 G STREET, REEDLEY, CA
- 8700 NE VANCOUVER MALL DRIVE, VANCOUVER, WA
- 430 ROUTE 134, SOUTH DENNIS, MA
- 1199 NORTH POINT MALL CIRCLE, ALPHARETTA, GA
- 7804 ABERCORN EXT, SAVANNAH, GA
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More Bank of America closures in 2024
In the November bulletins, the financial institution reported the early closure of 21 more locations, while in the two December bulletins shared until December 19, eight more closures have been reported. This means the bank will shutter even more branches later in the first quarter of 2024.
