Bank of America is closing these Charlotte-area branches, and some others across NC
Bank of America is planning to close a handful of branches across North Carolina, including three in the Charlotte area, according to documents filed recently with regulators.
The bank is closing its branch at 3021 Prosperity Church Road in Charlotte near Mallard Creek Road in northeast Charlotte, as well as two others at 368 West Plaza Drive in Mooresville and 113 West Broad St. in Statesville, according to filings with the Office of the Comptroller of the Currency.
The bank also is closing two branches in Raleigh, one in High Point and another in Winston Salem. The branches will close in the first quarter of next year, the bank confirmed late Tuesday.
The closures are part of a plan put in place before the pandemic to optimize its branch and ATM network, as more customers opt for digital banking services, Bank of America said. The branches slated to close had fewer visitors than other locations, according to the bank.
Charlotte-based Bank of America is the city’s largest bank, laying claim to nearly two-thirds of the deposits in the region. It has dozens of branches scattered throughout the city.
Battle of the branches
Bank of America isn’t the only bank to shrink its local branch network in recent weeks.
Truist, the Charlotte-based combination of BB&T and SunTrust, is planning to close 10 local branches as part of its merger consolidation efforts. Wells Fargo has shuttered hundreds of branches across the country this year as part of a company-wide initiative to cut costs, though those closures have yet to heavily impact Charlotte.
In contrast, smaller players in the market are working to expand their retail footprint in the city.
U.S. Bank is opening two more branches in Charlotte within the next year. Fifth Third has also worked to open a handful of new locations in the Charlotte area, according to OCC documents.
And last week, JP Morgan Chase opened its 13th Charlotte branch on Beatties Ford Road. The country’s biggest bank has been rapidly growing its presence here.
Jennifer Roberts, CEO of Chase consumer banking, told the Observer that despite a growing reliance on digital services, branches are still an important part of JP Morgan’s expansion strategy in Charlotte. “The branch is still alive and vibrant,” Roberts said, noting that JP Morgan’s branches still get thousands of visitors a day.
This story was originally published November 10, 2021 at 6:32 AM.
