BofA to Open More Than 165 Financial Centers by End of 2026

Rhea-AI Summary

Bank of America (BAC) has announced plans to open more than 165 new financial centers across 63 markets by the end of 2026, continuing its decade-long expansion strategy. This includes nearly 40 centers in 2024 alone. The bank is also expanding into Louisville, Kentucky, with plans for five centers there by the end of 2025.

Since 2014, BofA has invested over $5 billion in its financial center expansion. The company has also completed renovations of more than 3,000 existing centers, focusing on creating meeting spaces for in-depth financial discussions and improving technology access.

Despite 95% of client interactions occurring on digital platforms, BofA reports nearly 10 million appointments with financial specialists in centers over the past year. The bank now provides banking access to 246 million people across more than 200 markets, covering over 75% of the U.S. population.

Positive

• Expansion of 165+ new financial centers by 2026, increasing market presence
• Investment of over $5 billion in financial center expansion since 2014
• Renovation of 3,000+ existing centers to improve client experience
• 10 million client appointments with financial specialists in the past year
• Coverage of 75% of U.S. population, serving 246 million people across 200+ markets
• Record levels of assets in Consumer Investments business

Negative

• None.

News Market Reaction – BAC

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Data tracked by StockTitan Argus on the day of publication.

Continuing its decade-long expansion, company opens first financial center in Louisville, Kentucky – with plans for five there over the next year

Since 2014, BofA has invested over $5 billion in financial center expansion

CHARLOTTE, N.C. , Sept. 23, 2024 /PRNewswire/ -- Over the last 10 years, Bank of America has been expanding its financial center network, opening locations nationwide in new and existing markets. The bank is on track to open more than 165 new centers across 63 markets by the end of 2026, including nearly 40 this year. This is in addition to the more than 100 centers the company opened over the last two years.

"We are reaching more and more clients through the expansion and modernization of our financial centers," said Aron Levine, President of Preferred Banking at Bank of America. "While most clients are using our digital capabilities for their everyday banking, they are visiting our centers for in-person conversations about their more complex financial needs and advice on their life priorities and financial goals."

Open in Louisville

Bank of America is continuing to expand its retail banking presence in Kentucky, with the opening of its first Louisville-area financial center today and a second center set to open on Oct. 7.  In total, the company plans to open five financial centers in the Louisville market by the end of 2025.   

The bank's first financial center in Kentucky opened in Lexington in 2021. This latest expansion will bring its total number of financial centers in the state to 10 by the end of 2027. Bank of America currently serves nearly 95,000 consumer and small business clients throughout Kentucky through existing centers, along with clients of its well-established Merrill Wealth Management business, and corporate and business banking clients.

"We are thrilled to be expanding our presence in the Bluegrass state by opening our first financial centers in Louisville," said Felicia Lewis, Division Executive, Southeast at Bank of America. "By expanding our capabilities in this market, we are able to better serve clients, and further drive local community growth and development."

Ongoing Expansion and Investment

Bank of America's financial center expansion began in 2014, and over the last 10 years, the company has invested more than $5 billion in its centers. Later this year, the bank will celebrate the 10-year anniversary of its first financial center opening in Colorado – where it now has 32 centers– and the five-year anniversary of its first center in Ohio, where it now has 54 centers.

Earlier this year, the bank completed renovating and modernizing its financial centers across the country. Through this effort, more than 3,000 existing centers were renovated with a focus on creating offices and meeting spaces for clients to talk with financial specialists; making state-of-the-art technology easier to access at the front of the centers; and ensuring clients have a consistent, modern experience inside every center.

As part of these renovation efforts and a partnership with ArtLifting, over 1,500 financial centers now feature artwork by artists living with disabilities or impacted by housing insecurity.

Following Bank of America's entry into Louisville this year, the company also plans to open its first financial centers in Boise, Idaho, in early 2025.

Financial Centers Align to Client Behavior

With more than 95% of client interactions taking place on the bank's digital platform, Bank of America has adapted its financial centers to focus on meeting spaces where clients can have in-depth conversations about their finances.

In the past year, clients have made nearly 10 million appointments with financial specialists in financial centers. Nearly 20% of these appointments have been meetings between clients and Financial Solutions Advisors to discuss investing. This has helped drive assets in the Bank of America Consumer Investments business to record levels.

Through its financial center and ATM networks, Bank of America provides banking access to 246 million people across more than 200 markets, or more than 75% of the U.S. population. Approximately 30% of the bank's financial centers are in low- and moderate-income communities.

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 3,800 retail financial centers, approximately 15,000 ATMs (automated teller machines) and award-winning digital banking with approximately 58 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 2026?

Bank of America plans to open more than 165 new financial centers across 63 markets by the end of 2026.

What is Bank of America's (BAC) expansion plan for Louisville, Kentucky?

Bank of America plans to open five financial centers in the Louisville market by the end of 2025, with the first center opening on September 23, 2024.

How much has Bank of America (BAC) invested in its financial center expansion since 2014?

Bank of America has invested more than $5 billion in its financial center expansion since 2014.

What percentage of Bank of America's (BAC) client interactions occur on digital platforms?

More than 95% of Bank of America's client interactions take place on the bank's digital platform.

How many appointments did Bank of America (BAC) clients make with financial specialists in the past year?

Bank of America clients made nearly 10 million appointments with financial specialists in financial centers over the past year.