Bank of America is opening over 150 more branches. Some are headed to Charlotte

Bank of America will open more than 150 new financial centers in 60 U.S. markets by the end of 2027, including around Charlotte, despite an era of online banking growth as traditional bank branches contract.

A flagship financial center debuted two weeks ago at 2 Bryant Park in New York City designed for meetings, and on June 9, Bank of America will open its first of four financial centers in Idaho in Nampa, the Charlotte-based bank said Tuesday.

Bank of America will add 10 branches over the next two years in North Carolina and South Carolina, including four in the Charlotte area, Will Smayda, head of Bank of America financial centers told The Charlotte Observer Tuesday. He declined to say where those branches will be located.

With more than 90% of client interactions taking place through the bank’s digital channels, the bank’s financial centers have adapted to focus on meeting spaces where clients can have in-depth conversations about their finances, Bank of America said.

Nearly 30% of the bank’s branches are in low- and moderate-income communities.

“We are focused on creating spaces where financial specialists can meet with clients and help them achieve their financial goals,” Holly O’Neill, president of consumer, retail and preferred at Bank of America, said in a statement.

The Charlotte-based bank has invested over $5 billion in its financial centers network since 2016, opening new locations and renovating existing centers, Bank of America said Tuesday.

The bank will debut 40 financial centers this year and 70 next year, Bank of America said.

Reaching more clients in person

Since 2014, Bank of America has opened financial centers in 11 new markets, including Louisville, Kentucky, last year. The company has also opened 471 bank branches in existing markets since 2016.

Last year, the bank completed renovations to more than 3,000 branches. Over 500 additional renovations are planned over the next two years.

In the past year, clients have made approximately 10 million appointments with financial specialists in financial centers, Bank of America said.

The branches complement the bank’s digital interactions, Smayda said.

For complicated financial transactions such as retirement and estate planning, or starting or selling a business, clients like to do that in person, Smayda said. “When we have a robust local presence, our digital engagement and our digital sales go up, not down,” he said.

Bank of America is looking at large and small markets with high-growth communities across the country, Smayda said. Future expansion markets for example, include New Jersey, Utah and Colorado as well as Nashville and Atlanta.

“There’s a lot of data we look at to consider growth or expansion markets,” he said. “But there are markets where there is really a need for banking.”

First, Bank of America considers at its footprint. While Bank of America has Merrill wealth management franchises in a lot of cities and commercial banking in a lot of cities, “we look to bring the entire Bank of America business there,” Smayda said.

Next, the bank looks at three characteristics: growth potential, existing client base and if services need to be added, and brand recognition, Smayda said.

“They’re core to our business and give us a key advantage because of the size of our network coast to coast,” he said.

Each financial center could hire five to 15 people, depending on the neighborhood and how busy it is, Smayda said.

Bank of America has about 3,700 retail financial centers and 15,000 ATMs in the U.S. The bank has 213,000 employees with more than 19,000 in the Charlotte region.

This story was originally published May 13, 2025 at 12:23 PM with the headline "Bank of America is opening over 150 more branches. Some are headed to Charlotte."