Bank of America Opens First Financial Centers in Ohio
Doors Open in Cincinnati and Columbus This Summer
30 Locations and 150 Jobs Are Planned
Will Build on $468 Million in Small Business and Mortgage Lending in 2018
Bank of America today announced that it has opened its first full-service financial center in Cincinnati and will open its first in Columbus in the coming weeks. The company’s arrival in Ohio brings retail banking, lending and small business services, plus investing with Merrill, to new and existing clients in the areas. These centers serve as a destination to provide clients easy access to expert advice for all their financial needs.
The bank plans to open nearly 30 centers in Cincinnati and Columbus over the next two years and will expand its presence into the Cleveland area next year as well. Bank of America has already opened 65 ATMs in Cincinnati and Columbus over the past year and has nearly 100 ATMs in the state of Ohio. The bank invested $468 million for home and small business loans through 2018 and expects that number to grow with the expansion of its network.
“The new financial centers in Cincinnati and Columbus further tie our success with Ohio’s success,” said Jeneen Marziani, Bank of America Ohio market president. “By bringing even more financial services to Ohio – including new Private Bank offices – we’re able to deliver the full breadth of our capabilities to help our clients improve their financial lives.”
The new financial centers are state of the art, showcasing the newest technology including advanced ATMs; private offices to assist clients one-on-one; on-site specialists, including Merrill financial solutions advisors; Bank of America lending officers and small business bankers who work as one team to understand a client’s unique circumstances and personal goals to provide the guidance and advice they seek.
“Expanding our nationwide financial center presence to Ohio helps us better serve all the needs of our clients here and deliver on our commitment to responsible growth,” said Bank of America CEO Brian Moynihan.
Bank of America has a long history of serving the Ohio community, providing commercial and business banking, as well as wealth management services through Merrill, to more than 775,000 relationships across the state.
The retail entrance into Ohio reflects the company’s continued expansion and modernization efforts across its financial center and ATM network. It is part of the bank’s recently announced plans to modernize 1,500 financial centers; add more than 2,700 enhanced ATMs; and open 350 new financial centers in new and existing markets over the next few years, including in Salt Lake City, Pittsburgh, Denver, Minneapolis, Indianapolis, Ohio and Lexington, Kentucky.
The company’s first financial center in Cincinnati is located in Loveland at 12191 Montgomery Road/US 22 and is one of 15 centers to open in the area over the next two years. Bank of America currently has 34 ATMs in the market.
Bank of America’s first financial center in Columbus, one of 14 total centers planned for the area over the next two years, will be located in Morse Plaza at 1650 Morse Road. The company has already opened 31 ATMs in the market. The Morse Plaza location is one of 650 locations across the U.S. that Bank of America has designated as a community financial center. These centers connect clients in low- and moderate-income (LMI) communities to customized products, services and information that address their unique needs and help to build financial resilience.
Private Bank expansion
Bank of America Private Bank is also expanding its business in Ohio to offer custom investment management, wealth structuring, estate planning, philanthropy, private business financing, banking, credit and trust service solutions to high net worth individuals, families and institutions. The company opened its first Private Bank office in Ohio late last year, located at 312 Walnut Street in Cincinnati. Since then, Bank of America has grown its Private Bank team and hired associates in Cleveland and Columbus, with plans to expand its coverage in both markets. Cincinnati, Cleveland and Columbus locations are under the leadership of market executive Kashim Skeete, supported by a team of seasoned trust, investing and wealth strategy professionals.
Ongoing commitment to Ohio
At least 150 new jobs will be created in Ohio as part of the expansion to support clients within financial centers, adding to the more than 1,500 people Bank of America currently employs in the state. The company subsidizes approximately 75 percent of employee health care costs, which means Ohio-area employees will also be eligible for benefits that have an average value of almost $17,000. The firm also offers matching 401(k) contributions of up to 5 percent, and an annual company contribution of up to 2 percent of pay after one year with the company.
Bank of America was recently recognized as one of the “100 Best Companies to Work For” by Fortune magazine and the global research and consulting firm, Great Place to Work®. It was also recognized as the only financial services company on Fortune’s inaugural “Best Big Companies to Work For” list, which recognizes seven companies with more than 100,000 U.S.-based employees that passed the Great Place to Work® Certification bar.
In addition to providing resources and local employment opportunities, the company has deployed $1.2 billion in capital since 2007 to low-carbon, sustainable business activities as part of its environmental business initiative. Since 2014, it has provided $8.9 million in grants and matching gifts through the Bank of America Charitable Foundation to support local nonprofits addressing economic mobility and community needs. The company has also invested in Ohio through partnerships and community development support to help advance economic mobility across the state, including:
Neighborhood Builders®: Bank of America created Neighborhood Builders in 2004 to strengthen the network of nonprofit leadership that is critical to helping our local communities thrive. Last year, the bank recognized MAGNET: The Manufacturing Advocacy and Growth Network in Cleveland as a Neighborhood Builders grantee. MAGNET, which supports the manufacturing companies of Northeast Ohio, received $200,000 in unrestricted grant funding and leadership development for its executive director and an emerging leader at the organization. The grant was aimed at strengthening the organization’s Early College, Early Career (ECEC) program, which is an initiative offering local high school students the opportunity to work part-time at a local manufacturing company, where they gain work experience, soft skills, professional mentorship, and college credit, and earn an hourly wage.
– In Cincinnati, the first Neighborhood Builder was Over-the-Rhine Community Housing, a nonprofit community development organization that provides a wide spectrum of affordable and supportive housing options with life-changing programs that help low-income residents in the Over-the-Rhine community succeed. The Neighborhood Builder grant will allow Over-the-Rhine Community Housing to provide more residents affordable housing, further expand the organization's wrap-around services programs, and make the building ADA-compliant and accessible for all.
– The first Neighborhood Builder in Columbus was I Know I Can, which was founded in 1988 as a result of the foresight, dedication, and generosity of community and civic leaders who believed that no child should be denied a college education simply because they could not afford it. With the 2018 Neighborhood Builder Award, I Know I Can plans to expand to two new school districts — Whitehall and South-Western — and reach 3,900 students. The pilot will likely result in an expansion to five high schools, four middle schools and 3,600 more students in those same districts by 2019. By 2025, I Know I Can has the potential to serve over 40,000 students with comprehensive programming in four Franklin County school districts.
- Partnering with CDFIs: Bank of America has provided $6.25 million in capital in the last two years alone to Ohio community development financial institutions (CDFIs) to help extend capital to individuals and communities who may not qualify for traditional loan products.
- Increasing health care access: Late last year, the Bank of America Charitable Foundation awarded a $1 million anchor grant to MetroHealth System, Cuyahoga County’s public health system, to support MetroHealth’s expanded services and transformation.
Through the company’s Art Conservation Project, Bank of America has provided grants to museums in 31 countries for more than 150 conservation projects, including two in Ohio at the Columbus Museum of Art and the Cleveland Museum of Art.
For additional information on the Loveland and Morse Plaza financial centers and existing ATMs in the Cincinnati and Columbus areas, please visit locators.bankofamerica.com/oh/.
Bank of America Private Bank
Bank of America Private Bank is a leading private wealth management organization providing vast resources and customized solutions to help meet clients’ wealth structuring, investment management, banking and credit needs. Clients are served by teams of experienced advisors offering a range of financial services, including investment management, financial and succession planning, philanthropic and specialty asset management, family office services, custom credit solutions, financial administration and family trust stewardship. Bank of America Private Bank has more than 4,000 professionals and maintains 93 offices in 31 states. As part of Bank of America, it can provide access to a broad range of banking solutions for individuals and businesses, and an extensive retail banking platform.
Bank of America
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 2,200 lending centers, 2,400 financial centers with a Consumer Investment Financial Solutions Advisor and 1,700 business centers; approximately 16,600 ATMs; and award-winning digital banking with more than 37 million active users, including approximately 28 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 approximately 35 countries. Bank of America Corporation stock (NYSE: BAC) is listed on the New York Stock Exchange.
Reporters May Contact:
Diane Wagner, Bank of America, 312.992.2370