Bank of America is closing its downtown Rock Hill branch.
The bank will cease operations at its 222 E. Main St. location on March 8.
Bank of America spokeswoman Nicole Nastacie said, We can continue to efficiently serve our customers with one less location in Rock Hill.
Bank of America has three other locations in the city: Manchester Village, Cherry Road and Heckle Boulevard. Letters about the closure and banking options have been sent to all local Bank of America customers.
The bank recently announced plans to close up to 750 locations over the next few years. Since 2011, Bank of America has closed about 260 locations.
Toy Rhea, chairman of the York County Regional Chamber of Commerce, said any time a business of Bank of Americas status closes, it is a loss. Rhea, who owns Gala Affairs in Rock Hill, worked for Bank of America in Charlotte for about 20 years.
However, he said it would have a minimal short-term effect. We are still marching forward, and there are so many good things going on in downtown Rock Hill, Rhea said, such as the the new home for the farmers market and Comporiums Downtown East development plans.
Rob Youngblood, president of the regional chamber, said the closing should not have a major impact as Bank of America was not as invested in our community as other financial institutions.
Betsy Rock, owner of the adjacent Overhead Station on East Main Street, said she was shocked to learn Bank of America was leaving downtown, but noted that most of the banks customers completed their transactions and left without staying to shop nearby.
Denise McAteer of Polk Bonding, also on East Main Street, said the decision to close will be inconvenient for her. She comes to the bank daily for the bond company. She said the bank always appeared to be busy, both in the drive-through and inside the building.
Timothy Koch, a banking professor at the University of South Carolina, said banks large and small are examining their operations in a low-rate interest environment. He said its about the return on investment each branch brings.
Its about traffic, cross sales, and can I invest my funds elsewhere for a better return, Koch said.
In the letter to customers, Bank of America stressed there are other banking options such as online banking, mobile banking and banking by phone.
Bank of America spokeswoman Nastacie said when a branch closes, we provide various forms of assistance to impacted employees, including helping them find other opportunities within the company.
Bank of America leases the East Main Street building from the American Financial Realty Trust. Rinehart Realty has been trying to lease space on the buildings upper floors for several years, John Rinehart said.
People wanting to comment on the decision to close the downtown Rock Hill location may file comments with the Licensing Manager, Large Banks, Office of the Comptroller of the Currency, Licensing, 250 E. St. SW, Mal Stop 7-13, Washington, D.C. 20219
According to Bank of America, the federal agency does not have the authority to approve or prevent the closure.
BofA in Rock Hill
After Bank of America closes its downtown branch in March, it will have three full-service locations in Rock Hill:
1952 Springsteen Road (Manchester Village)
1165 Cherry Road
1710 Heckle Boulevard