Bank of America plans to open at least 150 new branches nationwide by 2027, the latest instance of a bank tinkering with its retail footprint to enter growing markets and close locations with little foot traffic.
The second-largest bank in the U.S. by assets will open 40 new locations this year as part of the expansion and 70 more branches in 2026, according to a statement. The company identified only Boise, Idaho, as a market where it will expand in the new initiative, with plans to open a new branch at an undisclosed location in Nampa, Idaho, on June 9, and three additional locations in Boise in the future.
Banks continually adjust their retail footprints, opening and closing branches as foot traffic dictates and to reduce real estate costs. TD Bank this week said it will close 38 locations next month, according to a media report.
Despite the continuing shift of routine banking transactions to digital platforms, banks are still opening new branches. The new retail locations are designed to facilitate deeper conversations between staff and customers that can lead to fee-based services like wealth management and residential mortgage originations. TD Bank said it recently opened three new branches in New York and Boston. JPMorgan Chase, Wells Fargo and PNC Financial Services Group are also opening new branches.
Bank of America has opened 471 new branches since 2016, an investment of about $5 billion, the Charlotte, North Carolina-based company said in the statement. Bank of America also said it renovated about 3,000 branches in 2024 and will renovate an additional 500 branches by 2027.
A Bank of America spokesperson did not immediately respond to CoStar News' questions about the locations of planned branch expansions or if it's working with a brokerage firm to identify properties.
Bank of America operated 3,681 branches as of March 31, a 3.2% decrease compared to the same period a year earlier.
Separately, Bank of America said Tuesday that it recently opened a new flagship branch in New York on the ground floor of 2 Bryant Park in Manhattan. Bank of America already occupies the remainder of the 15-story office building.