Bofa Closing Branches: A Growing Trend in Banking

BofA is closing branches at an alarming rate, with over 200 locations shut down since 2020. This trend is not unique to BofA, as other major banks have also been following suit.

The pandemic accelerated the shift towards online banking, making physical branches less necessary. BofA's decision to close branches is largely driven by this shift.

Many of the closed branches were in low-traffic areas or were duplicates of nearby locations. This suggests that BofA is prioritizing efficiency and streamlining its operations.

BofA's focus on digital banking has been a key factor in its success, with mobile banking apps and online platforms seeing significant growth in recent years.

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Bank of America is closing branches across the US, including two in San Antonio. The financial centers at Ingram Park and Marbach Road are closing on December 6.

These closures are part of a broader trend as online banking takes over. Banks are shutting down brick-and-mortar locations as more people switch to digital banking.

Discover more: Digital Branch Banking

San Antonians who use Bank of America will have two fewer locations to handle financial matters in person after the closures. Other San Antonio locations remain open for now.

You can check the status of other locations at bankofamerica.com. Closing locations are marked with a blue triangle.

If you have a safe deposit box, don't worry - Bank of America has made arrangements for you. To access your safe deposit box during regular business hours, email [email protected] with your full name, address, and phone number.

Banks have to report financial center closings to the Office of the Comptroller of the Currency (OCC) 90 days in advance. The San Antonio closures were announced in a bulletin for the week of July 21, 2024.

According to recent reports, Bank of America led the pack in Q3 of 2024, with 41 locations closed. Over the last 12 months, it closed 91 locations, outpaced by U.S. Bank with 98 and Wells Fargo with 181.

For your interest: Regions Bank Closed

Bank of America isn't the only bank closing branches. The Dallas location at Snider Plaza will close on March 4, 2025.

U.S. Bank and Wells Fargo have also been closing branches at a rapid pace. According to recent reports, U.S. Bank closed 98 locations over the last 12 months, while Wells Fargo closed 181.

Banks are required to report financial center closings to the Office of the Comptroller of the Currency (OCC) 90 days in advance.

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PNC Bank has been actively working on expanding its physical presence, a rare move in an industry marked by closures. They've committed about $1 billion toward opening over 100 new locations through 2028 and renovating some 1,200 existing branches.

PNC Bank has a large network of branches and ATMs, with more than 2,200 branches and approximately 60,000 PNC and partner ATMs across the country.

The bank had a significant number of net closures last year, with 223, but its expansion plans indicate a shift in strategy.

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Wells Fargo had more than 4,500 branches and 12,000 ATM locations in the U.S. as of May.

The company led bank closures in 2023 with 293 branch closures, reducing its total number of branches by 6% from a year earlier.

Wells Fargo & Co. was the most active net branch closer in the first quarter, with 61 net closings.

Fifteen of those closings were in California, and 13 were in Florida.

The company is refurbishing its remaining branches as part of an accelerated multiyear effort to transform and refresh its full branch network.

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