Bank of America closing branches - WBTV 3 News, Weather, Sports, and Traffic for Charlotte, NC

Bank of America closing branches

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By Melissa Hankins - bio l email

CHARLOTTE, NC (WBTV) - For the past two decades, Bank of America has been working under an aggressive expansion plan that took it all the way from the east coast to the west.

But now we have gotten word it is shrinking.

In fact, we know that BofA has closed 25 ATMS and 30 bank branches since the end of 2008.

And now The Wall Street Journal reports that unidentified sources say Chief Executive Ken Lewis is planning on reducing the bank's network by another 10 percent.

We talked to BofA representative Nicole Nastacie today, and she couldn't confirm the size of the cutbacks, but she didn't deny that they're coming.

"The company continually evaluates its banking center franchise, and decisions regarding its ultimate size have not been made..." she said. "At the same time, we are continually improving our online banking, mobile banking, and ATM capabilities as more of our customers are using these channels."

The driving force behind these closings, we're told, is not related to the recession, but to changing customer preferences. More and more people are simply doing their banking online instead of at branches.

It's interesting to note, though, that Wells Fargo has more branches than BofA since its takeover of Wachovia, and that bank is not planning on closing any of them.

 

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