2023-06-27 12:26:15 ET
Bank of America ( NYSE: BAC ) said on Tuesday that it's expanding into nine new markets this year, reaching into four states where it hasn't operated before — Nebraska, Wisconsin, Alabama, and Louisiana.
The company plans to open 55 new financial centers in 2023 across 34 markets, expanding its network that provides banking, investing, retirement, lending, and small business services to clients and communities. Through the expansion, BofA will operate in more than 200 markets across 39 states.
The push into the new markets ramps up its competition with JPMorgan Chase ( JPM ), the U.S.'s largest bank, which has locations in 48 states and Washington, DC , according to its Q1 10-Q filing. It has 4,684 branches as of March 31, 2023, while BofA operates ~3,900 locations.
By the end of 2023, Bank of America ( BAC ) will complete a three-year project to renovate and modernize its financial centers across the U.S. More than 2,500 existing centers will have been renovated, providing offices and meeting spaces for clients to talk with financial specialists, making technology easier to access, and ensuring clients have a consistent experience at every center.
The company is also expanding the number of community banking centers it operates to 700 from 600.
This year's expansion brings BofA into the following markets: Omaha, NE; Louisville, KY; Boise, ID; Birmingham, AL; Madison, WI; New Orleans, LA; Milwaukee, WI; Dayton, OH; and Huntsville, AL.
Bank of America ( BAC ) stock rose 0.1% in midday trading, JPMorgan ( JPM ) edged down 0.1% .
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Bank of America poised to expand into nine new markets this year