MJP –
A massive US bank now plans to open 165 branches within the next two years after closing several locations in the past year.
Bank of America has announced an ambitious plan to open more than 165 new bank branches across 63 markets by the end of 2026, including 40 locations set to open this year.
The announcement was made on Monday, coinciding with the opening of the bank’s first financial center in Louisville, Kentucky, where it plans to establish five branches by the end of 2025.
This expansion is part of the bank’s ongoing strategy to consolidate its operations, as it aims to close two branches for every new one opened.
The Louisville branch marks a significant step in the expansion plans first revealed in June 2023, which include entering nine new markets and four additional states by 2026.
Aron Levine, president of preferred banking at Bank of America, stated, “We are reaching more clients through the expansion and modernization of our financial centers.”
He emphasized that while many customers utilize digital banking for routine transactions, they seek in-person support for more complex financial matters.
With the opening of its first branch in Lexington, Kentucky, in 2021, the bank’s focus on Louisville will bring its total branches in the state to ten by 2027, serving approximately 95,000 consumers and small-business owners.
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Felicia Lewis, Bank of America’s southeast division executive, commented, “By expanding our capabilities in this market, we can better serve clients, and further drive local community growth and development.”
In addition to Louisville, Bank of America plans to open its first financial centers in Boise, Idaho, early next year.
The bank’s expansion efforts will also target other markets, including Omaha, Nebraska; Milwaukee and Madison, Wisconsin; New Orleans; Dayton, Ohio; and Birmingham and Huntsville, Alabama.
By the completion of its expansion plans, Bank of America will operate in over 200 markets across 39 states.
Since launching its current expansion project in 2014, the bank has invested more than $5 billion in its financial centers.
CEO Brian Moynihan highlighted the importance of these branch investments for enhancing customer relationships.
As of March, Bank of America ranks third among U.S. banks in terms of brick-and-mortar locations, with 3,975 branches.
JPMorgan Chase leads with 5,110 branches, followed by Wells Fargo with 4,349.
Earlier this year, JPMorgan Chase announced plans to add over 500 branches by 2027, focusing on underserved areas while also renovating existing locations and expanding its workforce.
