Bank of America says it is closing its only branch in the Iredell County town of Troutman, a decision the Charlotte lender said was based primarily on an industry trend of more customers conducting transactions online instead of inside branches.
The branch at 539 North Main St. will close June 30, according to the bank. Following the closure, Bank of America will have five branches in the county.
Bank of America spokeswoman Nicole Nastacie said the bank made its decision to close the branch after “careful consideration.” The move was mostly driven “by a decline in transactions, as customers increasingly rely on other channels including mobile and online banking,” she said.
In recent years, Bank of America, like other lenders, has seen declining foot traffic into branches as more customers conduct basic transactions on smartphones, tablets and other devices. As a result, some banks have shed branches, which tend to be costly to operate.
Bank of America has also been rapidly trimming branches as it has sought to lower its overall expenses in the wake of the financial crisis. As of the end of last year, Bank of America had about 4,800 branches, a decline of more than 1,200 from the end of 2007.
Even as it closes branches, Bank of America has also opened some in new markets. In January, for example, it cut the ribbon on its first branch in Colorado. As of the end of last year, Bank of America had about 4,800 branches, a decline of more than 1,200 from the end of 2007.
The Troutman branch had $29.5 million in deposits at the end of June, the smallest amount for any Bank of America branch in Iredell County, according to the latest Federal Deposit Insurance Corp. data. That’s about 62 percent less than the Bank of America branch with the next smallest amount of deposits in the county – $46.9 million at 1616 East Broad St. in Statesville.
Bank of America said it mailed customers letters last month to alert them about the closure and give them time to become familiar with its next closet branch, the one on East Broad Street in Statesville, about six miles away.