BofA is shedding branch offices

April 2, 2011 at 10:11 PM
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CHAROLOTTE, N.C., April 2 (UPI) -- Bank of America said it would close 68 more under-performing branch offices in the coming quarter, including one in its hometown of Charlotte, N.C.

BofA told investors in March the bank, known as a firm that thrives on expansion, intends to close 10 percent of its branches in the next two years. In a regulatory filing, it said it closed 43 branches in the first quarter. Bank spokeswoman Tara Burke said the number was actually 55 and explained the discrepancy was due to a "lag" between the calendar and the filing process.

The 68 additional closings would likely occur within the next 90 days, as they were posted by the Office of the Comptroller of the Currency, which regulates Bank of America and requires 90 days of warning time for customers.

Bank consultant Ken Thomas said the closings would likely hurt low-income areas. "What happens to the shopping center or the neighborhood?" when a branch office closes, he asked.

BofA has not announced a number of branch offices it expects to close this year.

BofA operated 6,011 branches at the end of 2009. By the end of 2014, the bank expects to have 5,345 branches operating.

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