Bank of America Plans 165 Branch Openings to Serve Clients With ‘Complex Financial Needs’

Bank of America (BofA) plans to open dozens of branches over the next two years.

Nearly 40 of those openings will happen this year, according to a Monday (Sept. 23) press release. The goal is to add more than 165 “financial centers” in 63 markets by the end of 2026. It follows the opening of more than 100 locations over the past two years.

“We are reaching more and more clients through the expansion and modernization of our financial centers,” Aron Levine, president of preferred banking at Bank of America, said in the release. “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.”

BofA invested more than $5 billion in its centers in the last decade, a project that included the renovation of more than 3,000 branches, per the release.

The effort comes as BofA rival J.P. Morgan Chase is also beefing up its brick-and-mortar banking business, announcing plans to open 500 branches and renovate another 1,700.

PYMNTS explored the thinking behind the expansion earlier this year, writing that while the banks “conceded that local offices won’t supplant the convenience digital banking offers, both also said they recognize physical locations give consumers a place to go when they want to discuss loans or seek financial advice.”

But it’s not just big banks that recognize the value of brick-and-mortar sites. The PYMNTS Intelligence report “Growing Credit Union Membership via Lending and Omnichannel Banking Innovation” showed that 12% of credit union (CU) members reported switching from traditional financial institutions to CUs because their banks didn’t offer a local presence.

While branches have proven successful in converting former bank customers to CU members, PYMNTS found that local structures alone may not be enough to keep them. Eight in 10 credit union members expect innovation from their primary financial institution — whether that is a bank or CU.

“While traditional for-profit financial institutions enjoy a reputation of outpacing their nonprofit counterparts when it comes to services and products, credit union members are more likely than non-CU members to prioritize innovation,” PYMNTS wrote in March.