BofA to Open 150 Financial Centers by 2027, Investing Over $5 Billion in its Network Since 2016

Rhea-AI Summary

Bank of America (NYSE: BAC) has announced plans to open more than 150 new financial centers across 60 markets by 2027, including 40 in 2025 and 70 in 2026. The bank has invested over $5 billion in its financial center network since 2016. A new flagship center has opened at 2 Bryant Park in New York City, and the bank is expanding into Boise, Idaho, with four new centers. Since 2014, BAC has entered 11 new markets and opened 471 centers in existing markets. The bank completed renovations to over 3,000 centers last year, with 500 more planned. BAC currently serves about 69 million consumer and small business clients through 3,700 retail centers and 15,000 ATMs, with 90% of client interactions occurring through digital channels.

Positive

• $5 billion investment in financial center network demonstrates strong commitment to physical presence
• Expansion into 60 new markets indicates growth strategy and market penetration
• 90% of client interactions through digital channels shows successful digital transformation
• Strong client engagement with 10 million specialist appointments annually
• 30% of centers located in low- and moderate-income communities shows commitment to financial inclusion

Negative

• Significant capital expenditure required for physical expansion
• Heavy investment in physical locations despite predominantly digital interactions
• Potential operational costs increase from managing expanded network

Insights

Banking Industry Analyst

BofA's $5B+ investment in 150 new financial centers demonstrates strategic physical expansion despite digital banking dominance.

Bank of America's plan to open 150 new financial centers across 60 markets by 2027 represents a significant brick-and-mortar investment in an increasingly digital banking landscape. With over $5 billion invested in its financial center network since 2016, BAC is making a calculated bet on the continued relevance of physical banking locations.

The expansion includes a new flagship center at Bryant Park in NYC and entry into Boise, Idaho, marking BAC's 12th new market entry since 2014. This systematic geographic expansion allows BAC to capture market share in previously underserved regions while strengthening its nationwide footprint.

What's particularly noteworthy is BAC's strategic pivot in how these centers function. Despite 90% of client interactions occurring through digital channels, these new centers are being redesigned as consultation spaces rather than transaction-processing facilities. The 10 million appointments with financial specialists last year validates this approach—physical locations are evolving into relationship-building hubs for complex financial discussions rather than routine transactions.

The bank's commitment to serving low- and moderate-income communities (nearly 30% of centers) also positions it favorably with regulators concerned about financial inclusion. Combined with accessibility initiatives like on-demand ASL interpretation, BAC appears to be balancing digital transformation with physical presence in a way that serves both business growth and community needs.

New flagship financial center at 2 Bryant Park in New York City

Continuing its expansion, company to open centers in Boise, Idaho and 60 other markets

CHARLOTTE, N.C., May 13, 2025 /PRNewswire/ -- Bank of America will open more than 150 new financial centers across 60 markets by the end of 2027, including 40 this year and an additional 70 in 2026. Since 2016, Bank of America has invested over $5 billion in its financial centers network, opening new locations and renovating existing centers.

"Our continued investment in our financial center network reflects our commitment to meeting our clients where they are and how they want to bank with us," said Holly O'Neill, President, Consumer, Retail and Preferred at Bank of America. "We are focused on creating spaces where financial specialists can meet with clients and help them achieve their financial goals."

New flagship center
Bank of America has just opened a new flagship financial center at 2 Bryant Park in New York City. The center is designed for clients to connect with financial specialists, or have informal meetings, capturing the spirit of Bryant Park's famous tables and chairs which have hosted gatherings for New Yorkers and visitors for decades. The center also features a one-of-a-kind art installation by a NY-based artist portraying the perpetual motion of finance and the city, and how the bank helps bring together all its services for clients.

Idaho Expansion
Bank of America continues to expand into markets where it can extend its reach to clients. The bank currently serves consumer, small business, wealth management and corporate clients throughout Idaho and will soon open four financial centers serving Boise, the first of which will open June 9 in Nampa, Idaho.

"Opening centers in Boise is an exciting milestone and reflects our commitment to bringing first-class financial services to more communities," said Will Smayda, Head of Financial Centers for Bank of America. "We're proud to support local economies by creating jobs and fostering long-term relationships with clients and their communities."Más de una década de expansión e inversion

More than a decade of expansion and investment
Since 2014, Bank of America has steadily expanded its financial center network, entering into 11 new markets, the most recent being Louisville in 2024. The company has also opened 471 financial centers in existing markets since 2016 reflecting trends in how and where clients choose to engage with the bank.

Last year, the bank completed renovations to more than 3,000 centers – with over 500 additional renovations planned over the next two years. Through a partnership with ArtLifting, over 1,600 financial centers now feature artwork by artists living with disabilities or impacted by housing insecurity.

New sign language service for clients
Earlier this year, the bank launched a service to provide on-demand American Sign Language (ASL) interpreters over video in all financial centers. Clients can connect with an ASL interpreter free of charge by scanning a QR code, allowing them to discuss their financial needs using ASL with a financial specialist.

Serving more clients in more places
Bank of America currently provides banking access to nearly 250 million people across more than 200 markets, or approximately 82% of the U.S. population. Nearly 30% of the bank's financial centers are in low- and moderate-income communities.

With more than 90% of client interactions taking place through the bank's digital channels, the bank's financial centers have adapted to focus on meeting spaces where clients can have in-depth conversations about their finances.

In the past year, clients have made approximately 10 million appointments with financial specialists in financial centers.

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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 69 million consumer and small business clients with approximately 3,700 retail financial centers, approximately 15,000 ATMs (automated teller machines) and award-winning digital banking with approximately 59 million verified digital 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 4 million small business households 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 is listed on the New York Stock Exchange (NYSE: BAC).

For more Bank of America news, including dividend announcements and other important information, visit the Bank of America newsroom and register for news email alerts.

Reporters May Contact:
Andy Aldridge, Bank of America
Phone: 1.980.387.0514
andrew.aldridge@bofa.com

 

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SOURCE Bank of America Corporation

FAQ

How many new financial centers will Bank of America (BAC) open by 2027?

Bank of America will open more than 150 new financial centers across 60 markets by 2027, with 40 opening in 2025 and 70 in 2026.

How much has Bank of America invested in its financial center network since 2016?

Bank of America has invested over $5 billion in its financial center network since 2016, opening new locations and renovating existing centers.

Where is Bank of America's new flagship financial center located?

Bank of America's new flagship financial center is located at 2 Bryant Park in New York City.

What percentage of Bank of America's client interactions are digital?

90% of Bank of America's client interactions take place through the bank's digital channels.

How many markets and clients does Bank of America currently serve?

Bank of America provides banking access to nearly 250 million people across more than 200 markets, serving approximately 69 million consumer and small business clients.