Bank of America closes branches in the Bay Area, California, with plans to shut down 20 regional branches and ATMs within the next three months. This development adds to the series of challenges faced by the area.
In compliance with regulatory requirements, Bank of America has filed a report with the Office of the Comptroller of the Currency detailing the planned closures as legally mandated.
Colleen Haggerty, a spokesperson for Bank of America, informed SFGate that despite these closures, the bank continues to operate nearly 200 financial centers across the Bay Area.
Bank of America Closes Branches Amid Lower Foot Traffic
Haggerty said that the decision to cut the number of branches has two main reasons: centers were getting closer together, and a significant drop in customer visits.
Additionally, she stressed the bank's dedication to a strong store network and its mobile banking services, which she said their customers enjoy.
Four of the 20 stores that will close will do so by the end of 2023. One of these branches is in San Francisco. In 2024, four more are set to close, including two in the city. The times that the last 16 branches will close have not been announced yet.
Moreover, "Financial center closures are driven by changing banking behaviors and where we have multiple financial centers close together," a Bank of America spokesperson told KRON4.
They also highlighted that these closures are only a minor part of their overall regional retail operations. They also said this does not include the new branches they recently opened or renovated.
Furthermore, major banks have closed physical branches in response to the popularity of online banking, leaving customers with fewer opportunities to receive assistance in person.
The emergence of online-only banks as adversaries in recent years has decreased transaction volume at physical bank branches. Customers' preference for digital banking experiences has posed a challenge for conventional banks seeking to maintain their brick-and-mortar locations.
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Upcoming Closure Dates for Bay Area Bank of America Branches Announced
Many Bay Area Bank of America branches will close. On August 13, 2024, the Petaluma branch at 200 Kentucky Street will close, and on August 20, 2024, the San Leandro branch at 1200 Fairmont Drive will close. The Hayward branch at 1253 A Street and the Pleasanton branch at 337 Main Street will close on August 20, 2024.
On March 12, 2024, Oakland's 300 Lakeside Drive branch will close. 3250 Mission Street and 501 Brannan Street branches in San Francisco have closed. Also closed are the Los Altos branch at 901 Fremont Avenue and the Hayward branch at 26801 Mission Boulevard.
San Francisco branches are set to shut down, including 1275 Fell Street, which will close on November 28, 2023. The Pinole branch at 1221 Tara Hills Drive and the St. Helena branch at 1001 Adams Street have also closed. Concord's 1053 Sunvalley Boulevard branch will close on December 5, 2023, and Santa Clara's 2925 Scott Boulevard branch on November 28, 2023.
The Morgan Hill branch at 200 Cochrane Plaza will close on November 28, 2023, and the San Francisco branch at 1 Market Street on January 30, 2024. The San Francisco office at 800 Irving Street will close on February 27, 2024, and the San Jose branch at 3491 McKee Road on March 26, 2024.
Lastly, the Fremont branch at 43591 Mission Boulevard will close on April 2, 2024, and the Moraga branch at 1400 Moraga Way will close on January 30, 2024.
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