90 New Financial Centers in 2019, 350 by 2021
Will Add 5,500 Financial Center Jobs
500 Refurbished Financial Centers in 2019
One-Third of Financial Centers in LMI Communities, 650 Designated as Community Financial Centers
Enhanced Experience for More Than 66 Million Clients in New and Existing Markets
Bank of America continues to make significant investments to modernize more than half of its financial centers nationwide, along with its entire ATM network. The company also continues to expand its retail banking and small business services in new and existing markets.
“Designing the best client experience is a continuous process, and we’ve made great progress these last few years,” said Dean Athanasia, president of Consumer and Small Business at Bank of America. “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 access banking, lending, small business and investing professionals for tailored solutions and advice on their life priorities and financial goals.”
In addition to growing its retail banking presence in well-established markets, Bank of America is committed to expanding into new markets. Since 2016, the company has entered and continues to grow its presence in five states – Colorado, Minnesota, Indiana, Pennsylvania and Utah:
Beginning this summer, the bank will continue its retail banking expansion with the opening of nearly 30 centers in Columbus and Cincinnati, Ohio over the next two years – where it also already has a long history of serving clients. The company also plans to expand into Cleveland, Ohio and Lexington, Kentucky next year. This overall expansion in new and existing markets is expected to create nearly 5,500 jobs, including certified professionals to help serve clients’ diverse needs.
“In order to be there when and where our clients need us, we’ve created a high-tech, high-touch experience across all channels, including our financial centers and state-of-the-art ATM network,” said David Tyrie, head of Consumer Advanced Solutions and Digital Banking. “Adding to and enhancing our nationwide presence — a network that will soon cover more than 90 percent of the U.S. population — not only enables us to serve our clients in these areas more efficiently, but also helps drive local employment.”
Another important part of the bank’s retail strategy is helping clients in low- and moderate-income (LMI) communities meet the unique challenges in managing day-to-day finances, improving credit and building financial wellness. With approximately one-third of its financial centers and ATMs located in LMI neighborhoods, Bank of America has designated about 650 locations across the country as community financial centers. In addition to retail banking services, community financial centers offer access to tailored financial education, expert professionals, job opportunities, affordable homeownership solutions, and potential capital for small businesses.
Community financial centers are equipped with free Wi-Fi for clients so they can access their mobile banking app without using their own data plan, and many offer access to lending officers and small business bankers. Many community financial centers also include enhancements such as local art and cultural exhibits prominently featured in the lobby; kiosks with interactive, self-guided financial education content; and conference rooms where clients can attend Better Money Habits financial education seminars in English and Spanish.
Bank of America is one of the world’s leading financial institutions, serving individual consumers, small and middle-market businesses and large corporations with a full range of banking, investing, asset management and other financial and risk management products and services. The company provides unmatched convenience in the United States, serving approximately 66 million consumer and small business clients with approximately 4,300 retail financial centers, including approximately 1,800 lending centers, 2,200 Merrill investment centers and 1,500 business centers; approximately 16,300 ATMs; and award-winning digital banking with more than 36 million active users, including over 26 million mobile users. Bank of America is a global leader in wealth management, corporate and investment banking and trading across a broad range of asset classes, serving corporations, governments, institutions and individuals around the world. Bank of America offers industry-leading support to approximately 3 million small business owners through a suite of innovative, easy-to-use online products and services. The company serves clients through operations across the United States, its territories and more than 35 countries. Bank of America Corporation stock (NYSE: BAC) is listed on the New York Stock Exchange.
Reporters May Contact:
Matt Card, Bank of America
Betty Riess, Bank of America