Bank of America is set to close several branches in Florida, including some in the state, following a year of closures across the country, with closures expected to continue until 2024.
Source: Mint
Bank of America Update: Bank of America has announced that it will shut down several branches in Florida. The list of locations that will be closed this month is as follows. Several Bank of America branches nationwide, including a few in the state of Florida, ceased operations in the past year. Closures are expected to continue until 2024.
The closures are attributed, in part, to the renewed banking requirements of consumers. An escalation in transactions conducted through online banking has prompted financial institutions to pursue adaptations. Additionally, specific branches experience reduced profitability, which results in their closure by institutions.
According to an analysis by American Banker, while closures will continue in 2024, they may be fewer as prominent banks seek to strengthen their branch networks in growth markets.
Banks are still opening new branches in regions with growing economies and populations despite being forced to close some locations.
No later than 90 days before the scheduled closure date, any branch must notify the Office of the Comptroller of the Currency (OCC) of its intention to close.
An advance notice of the branch closing conveys the aforementioned information. The OCC disseminates these notifications through weekly newsletters that are accessible via its website.
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The December bulletins contain details about Bank of America branches that will close in March of the current year, as the bank requires a minimum of 90 days’ notice before closure.
Bank of America provided advance notice of the closure of 19 branches, including the following locations in Florida, in December:
In its January newsletter, Bank of America disclosed information regarding the premature closure of an additional ten locations, potentially commencing the cessation of operations as early as April. Three of the branches are located in Florida:
According to the February bulletin, ten more closures will begin in May, which is ninety days away. The following bulletins detailed three additional closures in Florida.
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