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Banker & Tradesman file photo
Bank of America says it is investing $100 million in its branch network in Massachusetts for new branch establishments and renovations from 2023 to 2025.
The bank said it closed seven branches and opened four in Massachusetts this year. It also plans to open three more branches in the state in 2024 and 2025.
“We are constantly evaluating our physical branch network due to shifting customer behaviors; Bank of America is committed to remaining the largest retail deposit holder for at least the 10th consecutive year,” Carla Molina, BofA senior vice president of external communications, said in an email. “Massachusetts continues to be an important region for our Bank of America and we will invest nearly $100 million in our MA network between 2023 and 2025.”
All of the bank’s Massachusetts branches will have their interiors renovated by the end of the year, while 37 of them will receive additional renovations from 2024 to 2025 and 48 of them will have exterior renovations by 2025.
According to OCC data, the bank applied to close seven of its Massachusetts branches:
- 172 Park St., North Reading
- South Shore Plaza Branch, 250 Granite St., Braintree
- 108 Main St., Medway
- 695 Cresent St., Brockton
- 430 Route 134, South Dennis
- 693 High St., Westwood
- 125 High Stt., Boston
“The closed centers are near other centers or had significantly diminished client traffic, and represent a very small percentage of our 160-center footprint in the state,” Molina said.
The BofA spokesperson said that more than 80 percent of their Massachusetts clients are within a 10-minute drive to a Bank of America branch and that the closures will impact no employees as they are offered roles at nearby branches.
Bank of America has the highest deposit holdings in Massachusetts with $112.2 billion worth of deposits as of June 30, according to the most recent FDIC data.
