BofA is shedding branch offices

Saturday, April 2, 2011 9:01 PM By dwi

CHAROLOTTE, N.C., Apr 2 (UPI) -- Bank of America said it would near 68 more under-performing division offices in the coming quarter, including one in its hometown of Charlotte, N.C.

BofA told investors in March the bank, known as a concern that thrives on expansion, intends to near 10 proportionality of its branches in the next two years. In a regulatory filing, it said it closed 43 branches in the prototypal quarter. Bank spokeswoman Tara solon said the sort was actually 55 and explained the difference was cod to a "lag" between the calendar and the filing process.

The 68 additional closings would probable occur within the next 90 days, as they were posted by the Office of the Comptroller of the Currency, which regulates Bank of America and requires 90 life of warning instance for customers.

Bank consultant Ken Thomas said the closings would probable hurt low-income areas. "What happens to the shopping center or the neighborhood?" when a division duty closes, he asked.

BofA has not declared a sort of division offices it expects to near this year.

BofA operated 6,011 branches at the modify of 2009. By the modify of 2014, the slope expects to hit 5,345 branches operating.


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