Bank of America to open over 165 new financial centers—what it means for your banking experience

Bank of America is embarking on an ambitious expansion of its financial center network, aiming to open over 165 new locations across 63 markets by the end of 2026. This initiative includes nearly 40 openings slated for this year, building on the impressive 100 centers opened in the last two years. Aron Levine, President of Preferred Banking at Bank of America, indicated that the bank’s ongoing expansion and modernisation efforts are enhancing its ability to reach more clients. He noted that while digital banking remains the preferred option for routine transactions, clients increasingly seek in-person conversations for more complex financial needs and advice related to life priorities.

New financial center opens in Louisville

As part of this nationwide expansion, Bank of America has opened its first financial center in the Louisville area today, with a second centre scheduled to debut on October 7. In total, the company plans to establish five financial centers in the Louisville market by the end of 2025. Bank of America’s presence in Kentucky began with its first financial center in Lexington in 2021, and this latest expansion will increase the number of centres in the state to ten by 2027. Currently, Bank of America serves nearly 95,000 consumer and small business clients throughout Kentucky, along with a robust clientele through its Merrill Wealth Management business and corporate banking services.

Felicia Lewis, Division Executive for the Southeast at Bank of America, expressed excitement about expanding the bank’s footprint in Kentucky, stating that this initiative enables the bank to better serve clients and stimulate local community growth.

Investment in financial center modernization

Bank of America’s financial centre expansion strategy began in 2014, during which the company has invested over $5 billion to enhance its facilities. This year marks the 10-year anniversary of the bank’s first financial center opening in Colorado, which has expanded to 32 locations, and the five-year anniversary of its inaugural centre in Ohio, which now boasts 54 centres. Recently, the bank has completed extensive renovations of over 3,000 existing centres, focusing on creating inviting offices and meeting spaces for consultations with financial specialists. These upgrades ensure that clients enjoy a modern and consistent experience across all locations.

Additionally, through a partnership with ArtLifting, over 1,500 financial centers now feature artwork created by artists with disabilities or those affected by housing insecurity, enhancing the community-oriented atmosphere of the centres.

Adaptation to client behaviour

In response to changing client behaviours, Bank of America has adjusted its financial centre model, with over 95% of client interactions occurring on its digital platform. In the past year alone, clients have made nearly 10 million appointments with financial specialists at the centres. Notably, around 20% of these meetings have involved discussions with Financial Solutions Advisors about investment strategies, contributing to record asset levels in the Bank of America Consumer Investments business.

Through its expansive network of financial centres and ATMs, Bank of America provides banking access to approximately 246 million people across more than 200 markets, representing over 75% of the U.S. population. Approximately 30% of the bank’s financial centres are located in low- and moderate-income communities, demonstrating the bank’s commitment to accessibility. With around 3,800 retail financial centres and approximately 15,000 ATMs, Bank of America continues to offer unparalleled convenience to its 69 million consumer and small business clients.

Expert opinion on the impact of expansion

As the financial landscape evolves, the expansion of Bank of America’s financial centres reflects a significant shift towards hybrid banking. This approach allows the bank to cater to the diverse needs of its clientele, particularly those seeking personal engagement in an increasingly digital world. Financial experts suggest that this strategy not only enhances client satisfaction but also strengthens community ties, fostering economic growth.

By adapting its service model to meet client demands, Bank of America is positioning itself as a leader in the retail banking sector, combining modern technology with personalised service. The bank’s ongoing investment in financial centre infrastructure is likely to yield substantial returns as it captures a greater share of the market.

Bank of America’s continued expansion is a testament to its commitment to evolving client needs and enhancing access to financial services across the United States. As the bank opens new centres and invests in modernisation, it is poised to further solidify its role as a key player in the financial industry while fostering community development.