Reviewed by: Sharron Swain
Bank of America to open NEW branch in Birmingham
According to American Banker, Bank of America is preparing to open a new branch in Birmingham. The international finance company already participates in 83 of the top 100 markets, and wants to expand further.
Expanding markets in Birmingham, Milwaukee + more
As indicated by Aron Levine, President of Preferred Banking, Bank of America is seeking to grow to 90 of the top markets by 2025.
“So that’s one part of our strategy, which is [to] grow in the expansion markets, and we do it very efficiently.”
—Aron Levine, President of Preferred Banking, Bank of America, as quoted in Banking Dive.
Here’s a list of the additional U.S. branches Bank of America plans to open.
- Birmingham, Alabama
- Boise, Idaho
- Madison
- Milwaukee
- New Orleans
- Wisconsin
Banking Shares in Birmingham
Regions Bank currently represents the highest percentage market share in Birmingham, as expressed by American Banker.
For reference, here are the largest banks in Birmingham by assets.
- Regions Bank
- ServisFirst Bank
- SouthPoint Bank
- Oakworth Capital Bank
- First US Bank
- CommerceOne Bank
- Alamerica Bank
Dave Martin, retail banking consultant, describes BofA’s strategy as developing in cities “where their presence doesn’t match what they feel potential is in the market.”
According to Martin, although digital banking shut down branches, it also increased banks’ accessibility to once exclusive markets.
“You do not need the massive branch network you once needed to truly compete. Each individual bank branch now has a larger service area and target market than it once did,”
—Aron Levine, President of Preferred Banking, Bank of America, as quoted in American Banker.
Where do you bank in Birmingham? Let us know in the comments!
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