Bank Watch

Bank of America picks Indianapolis as next new market to open branches

Customers use ATMs at a branch office of Bank of America in New York in July 2015.
Customers use ATMs at a branch office of Bank of America in New York in July 2015. AP

Bank of America announced plans Monday to open its first branches in Indianapolis – the second U.S. market in which the bank has expanded its retail banking operations in as many years.

The Charlotte-based bank already offers wealth-management and commercial and business banking services in the Indianapolis area. Bank of America took a similar approach when it expanded into other markets in recent years.

Bank of America said it will open a branch in downtown Indianapolis in late 2017 and that multiple branches and standalone automated teller machines are scheduled to open over the next several years.

The bank said it is expanding its footprint “in markets where there is opportunity,” noting it already serves nearly 128,000 clients in the Indianapolis region.

“The decision to open financial centers here is an important demonstration of our commitment to Indianapolis,” Will Smayda, Bank of America financial center and Merrill Edge central division executive, said in a statement.

The new branches will be staffed with specialists, such as mortgage-loan officers, small-business bankers and advisers for Merrill Edge – Bank of America’s investment service for customers with less than $250,000 in assets.

Monday’s announcement follows Bank of America’s 2015 entrance into Minnesota with the opening of branches in the Minneapolis area. Also in 2015, Bank of America held a grand-opening for a branch in Denver, Colo., its first in that state.

Even as Bank of America closes branches elsewhere, CEO Brian Moynihan has been opening them in major metropolitan areas where the bank already serves affluent customers and businesses through its U.S. Trust and Merrill Lynch businesses and other operations.

Deon Roberts: 704-358-5248, @DeonERoberts