A MAJOR U.S. bank continues to close locations nationwide after closing the most locations out of any other financial institution in 2024.
Bank of America closed 168 locations in 2024, more than any bank that year, and has so far closed an additional 56 branches in 2025, according to the DailyMail.
In the first three months of 2025, 26 branches closed nationwide[/caption]
Documents show 99 branches were closed in 2023.
In September, there are three branches set to close, with locations in Fort Campbell, Kentucky, Las Vegas, Nevada and Arlington, Texas, the Mirror US reported.
Bank of America will also be closing its Charleston, South Carolina, branch in October and three California locations, one in Huntington Beach in October, another in Camarillo in November and a San Francisco location in December.
In the first three months of 2025, 26 branches closed nationwide.
The banks were closed across California, Connecticut, Washington D.C., Florida, Illinois, Maryland, Massachusetts, Missouri, Nevada, New Jersey, Ohio, Oregon, Pennsylvania, Tennessee, Texas, Virginia and Washington.
“Our financial center network is central to our high-tech, high-touch strategy, and gives us a competitive advantage,” a Bank of America spokesperson said in a statement to the US Sun.
“We have expanded into 11 markets over the last decade, opening approximately 50 new centers each year, and plan to open 170 centers in more than 60 markets over the next few years. Since 2016, we have invested more than $5 billion in our financial center network.”
Bank of America is set to open five branches in Wisconsin, according to a Office of the Comptroller of the Currency bulletin.
The cities getting new establishments include Milwaukee, Madison, Oak Creek, Sun Prairie and Greendale.
The closures come as Bank of America confirmed it was increasing their pay rate to $25 an hour, leading to full-time employees earning over $50,000 a year.
The increase is set to go into effect in October.
Thousands of employees, including full and part-time hourly workers will be affected.
Bank of America had a minimum wage of $15 in 2018, meaning the hourly rate has increased $10 in seven years.
CLOSURES INEVITABLE
Experts say bank closures are inevitable due to users increasingly utilizing online banking rather than heading into physical branch locations.
“Branch closures are the result of Americans increasingly using online banking instead of in-person transactions,” Michael Szanto, an economist said in an interview with the Daily Mail.
“’In an increasingly digital paperless economy, the need for physical branches is greatly lessened,” Szanto continued.
According to the American Bankers Association (ABA), over half of U.S. consumers use mobile apps to conduct their banking over any other method.
The survey found that 55% of people use mobile apps on their phones or tablets to manage their bank accounts while 22% bank online on their laptop or PC.
3 BANK OF AMERICA LOCATIONS CLOSING SOON
September 2025: Kentucky – 201 Bastogne Avenue, Fort Campbell
September 2025: Texas – 1206 South Bowen, Arlington
September 2025: Nevada – 300 South Fourth Street, Las Vegas
The study found only 8% of bankers use branches, coming in ahead of ATMs, telephone and mail.
FAST TRACK
Members of the Baby Boomers generation were found to use branches the most, with Millennials and Gen Z tying for the least.
ABA’s Senior Vice President of Innovation Strategy Brooke Ybarra said mobile banking picked up during the Covid pandemic but has continued to increase in usage.
“While the pandemic greatly accelerated mobile banking adoption, America’s banks have sustained – and even increased – this growth by investing in innovative technologies that make banking on-the-go as seamless and secure as ever before,” Ybarra said.
Ybarra noted consumers enjoy banking online for its convenience, such as being able to deposit a check from anywhere, split a bill with a friend instantly and track their spending habits “with ease” on their phones.
There are a few things consumers can do if their local branch closes. Consumers can opt for online banking, travel to another location or consider switching banks if there’s another institution close by.
