Bank of America Accelerates Financial Center Expansion and Modernization Efforts

Business Wire 5-Apr-2019 9:00 AM

90 New Financial Centers in 2019, 350 by 2021

Will Add 5,500 Financial Center Jobs

500 Refurbished Financial Centers in 2019

One-Third of Financial Centers in LMI Communities, 650 Designated as Community Financial Centers

Enhanced Experience for More Than 66 Million Clients in New and Existing Markets

Bank of America continues to make significant investments to modernize more than half of its financial centers nationwide, along with its entire ATM network. The company also continues to expand its retail banking and small business services in new and existing markets.

• Financial center modernization – Bank of America has modernized more than 1,000 financial centers over the last three years, and today announced that an additional 1,500 will be modernized over the next three years – including 500 in 2019 – bringing its total to more than 2,500 modernized centers. The centers are being renovated with new technology and layouts that create a more interactive, inviting and comfortable atmosphere for clients whose needs often go beyond routine transactions.
• Expansion in new and existing markets – Last year, Bank of America announced plans underway to open more than 500 new financial centers across its nationwide network. As part of this commitment, the company has opened 150 new centers over the last three years, and will open more than 350 over the next three years, including 90 this year, with many in new markets.
• ATM enhancements and expansion – Today, the company also announced plans to add more than 2,700 enhanced ATMs to its network over the next three years. This year, the company will complete a multiyear effort to upgrade its current network of more than 16,000 ATMs, which feature the latest technology to help clients perform more types of transactions, such as choosing their preferred mix of bills when withdrawing cash, making credit card payments, and cardless access to accounts using a mobile device.

"Designing the best client experience is a continuous process, and we've made great progress these last few years," said Dean Athanasia, president of Consumer and Small Business at Bank of America. "Although more clients are using our digital banking capabilities, many still visit our centers for in-person conversations about some of their more complex financial needs. Our redesigned centers make it easy for them to access banking, lending, small business and investing professionals for tailored solutions and advice on their life priorities and financial goals."

Expanding in new and existing markets

In addition to growing its retail banking presence in well-established markets, Bank of America is committed to expanding into new markets. Since 2016, the company has entered and continues to grow its presence in five states – Colorado, Minnesota, Indiana, Pennsylvania and Utah:

• Denver – Bank of America first brought retail banking services to this market more than five years ago and has since opened 20 centers, with another 12 set to open by 2021.
• Minneapolis – the company's first center was opened here in 2015, and since then, it has continued to grow its presence, expanding to 21 centers with another seven expected to open over the next two years.
• Indianapolis – having already opened nine centers in this new retail banking market since November 2017, the company plans to open as many as eight more locations over the next two years.
• Pittsburgh – Bank of America brought retail banking services to new and existing clients in this area last fall, and last month announced plans to expand its network with 13 financial centers open or set to open over the next two years.
• Salt Lake City – In January, the company further expanded its retail banking services with the opening of its first financial center in Salt Lake City, where it has a long history of serving clients – with plans to open at least 10 additional centers in this area over the next two years.

Beginning this summer, the bank will continue its retail banking expansion with the opening of nearly 30 centers in Columbus and Cincinnati, Ohio over the next two years – where it also already has a long history of serving clients. The company also plans to expand into Cleveland, Ohio and Lexington, Kentucky next year. This overall expansion in new and existing markets is expected to create nearly 5,500 jobs, including certified professionals to help serve clients' diverse needs.

"In order to be there when and where our clients need us, we've created a high-tech, high-touch experience across all channels, including our financial centers and state-of-the-art ATM network," said David Tyrie, head of Consumer Advanced Solutions and Digital Banking. "Adding to and enhancing our nationwide presence — a network that will soon cover more than 90 percent of the U.S. population — not only enables us to serve our clients in these areas more efficiently, but also helps drive local employment."

Community financial centers connect with LMI neighborhoods

Another important part of the bank's retail strategy is helping clients in low- and moderate-income (LMI) communities meet the unique challenges in managing day-to-day finances, improving credit and building financial wellness. With approximately one-third of its financial centers and ATMs located in LMI neighborhoods, Bank of America has designated about 650 locations across the country as community financial centers. In addition to retail banking services, community financial centers offer access to tailored financial education, expert professionals, job opportunities, affordable homeownership solutions, and potential capital for small businesses.

Community financial centers are equipped with free Wi-Fi for clients so they can access their mobile banking app without using their own data plan, and many offer access to lending officers and small business bankers. Many community financial centers also include enhancements such as local art and cultural exhibits prominently featured in the lobby; kiosks with interactive, self-guided financial education content; and conference rooms where clients can attend Better Money Habits financial education seminars in English and Spanish.

Bank of AmericaBank 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 1,800 lending centers, 2,200 Merrill investment centers and 1,500 business centers; approximately 16,300 ATMs; and award-winning digital banking with more than 36 million active users, including over 26 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 more than 35 countries. Bank of America Corporation stock (NYSE:BAC) is listed on the New York Stock Exchange.

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

www.bankofamerica.com

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