Bank of America is making significant changes to its branch network in the Bay Area, closing or planning to close almost two dozen locations, as reported by KRON4. The closures, affecting areas from San Francisco to Pleasanton, include well-known spots like 1 Market Street and 800 Irving Street in SF.
Customers in the Bay Area bid farewell to several BofA branches, with confirmed closures including 3250 Mission Street and 501 Brannan Street in San Francisco. The bank stated that these closures are driven by changing banking behaviors and the proximity of multiple financial centers. Despite the physical site reductions, the bank assured that these closures represent a small percentage of their retail presence and do not impact new or renovated centers.
Future closures are planned, with details from the SFGate indicating that the downtown flagship at 1 Market Street is set to close on January 30, 2024, and the hub at 800 Irving Street on February 27, 2024. This move aligns with other major banks like JPMorgan Chase and Wells Fargo, which have also closed various locations amid the rise of digital banking.
Bank of America appears to be balancing the shift to digital with the importance of traditional banking. Aron Levine, Bank of America’s president of Preferred Banking, emphasized the critical role of branches in a summer interview, stating, "The branches play a critical role." Despite the closures, the bank recently opened two new branches in the Bay Area, demonstrating continued commitment to the region's banking needs.
In addition to the closures, other regional branches, including 2925 Scott Blvd in Santa Clara and 200 Cochrane Plaza in Morgan Hill, were shut down yesterday, with Concord's branch at 1053 Sunvalley Blvd set to close on December 5.