BofA opens new bank branches in Lexington, KY as part of its expansion

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Bank of America is expanding its branches into another state, this time in Kentucky.

Bloomberg

Bank of America has opened its first retail branches in Kentucky, the company announced on Monday, as the bank continues to expand its retail presence in a number of US cities.

The bank has opened three branches in Lexington, with a fourth planned for next year. Bank of America has added 20 ATMs across the city in the past two years and previously operated in the state through Merrill Lynch Wealth Management, the bank said in a press release.

The bank currently has branches in 37 out of 50 states. In the past 18 months, Bank of America has opened 90 new branches in the US, according to the bank.

Lexington is the last on a list of nine new markets the bank has focused its retail expansion efforts on in recent years, Aron Levine, president of Preferred and Consumer Banking and Investments, said in an interview.

These markets were “places where we had a Merrill Lynch Wealth Management presence or a commercial presence, rather than retail,” he said, and included cities like Denver, Minneapolis and Salt Lake City.

The bank’s total number of branches in the United States has fallen over the past decade from about 6,100 in 2009 to 4,300 now, Levine said. With a growing number of customers relying on digital banking services for their day-to-day transactions, the bank’s new branches will focus on advising customers on financial decisions.

The new branches, Levine said, will be a place where “people come and have a full relationship with us and help them reflect on their financial well-being”.

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Hannah Lang covers banking and finance for The Charlotte Observer. She studied business journalism at the University of North Carolina at Chapel Hill and grew up in the same city as her alma mater.


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