Bank of America continues shift toward digital, adjusting physical footprint

As part of transformation, some financial centers will close

AUSTIN, TX - SEPT 2: A Bank of America branch in Austin, Texas on September 2, 2011. The US government announced that it will sue Bank of America for selling toxic mortgage-backed securities.

As banking continues to shift toward less of an in-person experience and moves more toward a digital world, Bank of America confirmed it is closing some New Jersey financial centers, while planning to open others.

BofA also confirmed additional financial center closures will take place across its national footprint, and it has selected more branches in the U.S. to shutter in 2024.

The bank, with its headquarters in Charlotte, North Carolina, has already closed close to 100 branches nationally this year and plans to close more by end of 2024 as it continues to meet customer demand for online banking options.

Specific to New Jersey, a Bank of America spokesperson confirmed to ROI-NJ that its financial center located at 288 N. Broad St. in Elizabeth has shuttered and that three more are scheduled to close in 2024.

Those financial centers are located at:

  • 3140 Princeton Pike, Lawrence Township;
  • 296 Summerhill Road, Spotswood;
  • 904 River Road, New Milford;

The BofA spokesperson also confirmed that its financial center located at 615 Washington St.  in Hoboken was consolidated with a branch located within several blocks of it and that another Hoboken location will be opening next week.

However, the spokesperson also said that, in an effort to meet consumer demand, BofA will open new locations within the Garden State over the next two years.

“Over the next two years, we will be opening five new financial centers in New Jersey, including one next week in Hoboken. Even though clients are using digital banking more than ever, our financial centers are where they go to handle more complex transactions or discuss their finances. We’ve invested millions into modernizing our financial centers throughout New Jersey to meet consumer demand,” AnnMarie McDonald, Bank of America media relations, said.

Bank of America is currently the second-largest bank in the U.S., with an estimated $2.5 trillion in assets, according to Forbes, and operates more than 3,800 branches in the U.S. and some outside the country.