Bank of America has announced plans to dramatically expand its market reach by the end of 2026. In a press release, BofA confirmed its extend its “financial center network” into four additional states and nine new markets. The confirmed market expansion plans are part of what the bank calls a “multiyear retail banking expansion.”
Ongoing market expansion plans
In its statement, the bank noted that its expansion plans have been ongoing for several years. Last year, Bank of America launched 58 new financial centers. According to the company, its plans for 2023 include more than 55 additional locations. By the end of 2026, BofA expects its reach to include 39 states and more than 200 individual markets.
The revealed plans will expand the bank’s reach into Alabama, Louisiana, Nebraska, and Wisconsin. In addition, the bank intends to open new branches in states that it already serves. Those plans include new branch locations in states like Idaho and Ohio.
Bank of America CEO Brian Moynihan celebrated the market expansion plans, noting:
“As part of our high tech and high touch approach, we continue to invest in digital capabilities, and to modernize our financial centers to reach more clients and meet their evolving needs. By expanding our capabilities in these markets, we are able to better serve clients, and help drive local community growth and development.”
As it works to complete its market expansion, BofA also continues to aggressively modernize its existing financial center network. That three-year modernization effort is expected to be complete at the end of this year. At that point, more than 2,500 of BofA’s financial centers will have undergone renovations designed to provide a modern experience for its clients.
As other media outlets have reported, the planned market expansion will help bring BofA closer to rival JPMorgan Chase’s market reach. The nation’s largest bank currently maintains locations in all but one U.S. state.
