Bank of America, one of the largest financial institutions in the United States, has recently announced the closure of several branches across the country as part of its ongoing digital transformation strategy. This move reflects broader trends in the banking sector, where digital services are increasingly replacing traditional brick-and-mortar locations.
Why Are Bank of America Branches Closing?
The banking industry is undergoing a significant shift. With the rise of online and mobile banking, fewer customers are visiting physical branches for routine transactions. Tasks such as transferring money, checking balances, and making payments can now be completed instantly from a smartphone or computer. As a result, banks like Bank of America are consolidating their physical footprint to focus on digital growth and efficiency.
Recent Branch Closures
Between March 2 and March 8, 2025, Bank of America closed several branches in different states. The Office of the Comptroller of the Currency (OCC) confirmed the following closures:
California
-
702 Mission Ave., Oceanside
Florida
-
8181 West Broward Boulevard, Plantation
-
16686 SW 88th Street, Miami
Oregon
-
14400 SW Allen Boulevard, Beaverton
Tennessee
-
3741 Winchester Road, Memphis
These closures are part of a larger trend. Since 2022, Bank of America has closed nearly 200 branches, affecting both customers and employees.
Impact on Customers and Communities
The closure of bank branches has a direct impact on local communities. Many residents, especially older adults and those with limited access to technology, rely on physical branches for in-person banking services. The shift to digital banking can create challenges for these groups, increasing the technological gap and making essential financial services less accessible in areas with limited internet connectivity.
Digital Banking: A Double-Edged Sword
While digital banking offers convenience and efficiency for many, it also presents challenges for those who are not tech-savvy or lack access to modern devices. Bank of America has invested heavily in technology and cybersecurity to support its digital services, but the transition is not seamless for all customers.
Bank of America’s Future Branch Strategy
Despite the trend toward digital banking, Bank of America recognizes that physical branches still play a vital role. The bank’s head of branches, Will Smayda, emphasized that proximity to clients remains important, even if most interactions now occur digitally. “They may or may not visit you,” Smayda said, “but the bank’s presence affirms its commitment to a community, and there’s a brand value with that.”
New Branch Openings and Consolidations
Bank of America is not only closing branches but also opening new ones in growing markets. In May 2025, the bank announced plans to open 40 new branches by the end of the year and an additional 110 locations between 2026 and 2027. These new branches are designed to better serve evolving customer needs, with more space for advisory services and digital tools replacing traditional marketing materials.
Focus on Growth Markets
The bank is expanding its presence in markets with growing populations, such as Boise, Idaho. In the coming years, Bank of America plans to enter or expand in Wisconsin, Louisiana, and Alabama. The decision to open or close branches is based on demographic trends, community needs, and competitive dynamics.
The Role of Branches in the Digital Age
Even as digital banking becomes the norm, branches remain important for building trust, providing personalized advice, and onboarding new customers. Bank of America sees about 600,000 clients daily in its branches, and most new customers come to the bank through physical locations. The bank aims to be a top-three financial services provider in every market it serves, balancing legacy and growth markets to meet the needs of diverse communities.
Changing Branch Formats
New branches are being designed with a focus on customer experience. Traditional services like night drops and safe deposit boxes are being phased out in favor of spaces that facilitate conversations and provide fraud protection education. The bank’s goal is to make branches hubs for advice and in-depth information, rather than just transactional centers.
Industry-Wide Trends
Bank of America’s branch strategy reflects broader industry trends. Since 2018, nearly 1,650 bank branches have closed each year in the United States. If this trend continues, experts predict that physical branches could disappear altogether by 2041. However, most industry leaders agree that branches will remain relevant for the foreseeable future, especially for complex financial needs and relationship building.
How to Adapt to Branch Closures
Customers affected by branch closures can take several steps to adapt:
-
Use Digital Banking Tools: Download the Bank of America mobile app or use online banking for routine transactions.
-
Visit Nearby Branches: Check for the nearest open branch using the bank’s website or app.
-
Schedule Appointments: Many branches offer appointment-based services for complex needs.
-
Contact Customer Support: Reach out to Bank of America’s customer service for assistance with account management or technical issues.
FAQs
Q: Which Bank of America branches closed in March 2025?
A: Branches closed include 702 Mission Ave., Oceanside (CA); 8181 West Broward Blvd., Plantation, and 16686 SW 88th St., Miami (FL); 14400 SW Allen Blvd., Beaverton (OR); and 3741 Winchester Rd., Memphis (TN).
Q: Why is Bank of America closing branches?
A: The closures are part of a digital transformation strategy, as more customers use online and mobile banking for routine transactions.
Q: Will Bank of America open new branches?
A: Yes, the bank plans to open 40 new branches by the end of 2025 and an additional 110 locations between 2026 and 2027, focusing on growth markets.
Read More- 10 Rare Pennies That Could Be Worth Millions – Check Your Change Now