Bank of America to shutter one Charlotte branch, open another near NoDa

Bank of America Corp. (NYSE: BAC) is permanently closing another Charlotte-area branch and opening a new one in the NoDa area next year.

The Charlotte-based bank is shuttering its branch at 3401 The Plaza, near NoDa, according to an Office of the Comptroller of the Currency filing made last week. The branch will officially close on Aug. 29, 2023, according to BofA’s website.

Customers are encouraged to visit other full branches — including one in the University area at 8551 U.S. Highway 29 and another at 2249 Beatties Ford Road in west Charlotte. There’s also a walk-up ATM at 1431 Central Ave., less than 2 miles away from The Plaza branch.

By late 2023, BofA plans to open a new financial center at 36th and Tryon Street, which is about 1 to 2 miles away from the branch set to permanently close, a BofA spokesperson told CBJ yesterday. Since 2016, the bank has opened four new financial centers here in the South End, Carolina Lakes, Legacy Union and Harrisburg areas.

BofA said that, prior to 2020, its customers were already shifting to utilize more of its digital features for their daily financial needs. The pandemic accelerated these trends across the banking industry.

“Well before the pandemic, we were implementing plans to optimize our financial center and ATM network to deliver a modern banking experience that supports clients’ current and future needs,” BofA said.

The Plaza is the latest of several local branch closures this year, as CBJ previously reported. The bank's Dilworth branch at 1235 East Blvd. will close for good on Oct. 25. Branches at 4415 Sharon Road, 9700 Monroe Road and 1530 Providence Road S. in Charlotte permanently shuttered in July.

Employees affected by the shuttered branches will be moved to other local financial centers, the spokesperson said.

Big banks, including BofA and Wells Fargo & Co. (NYSE: WFC), temporarily closed branches across the nation amid the pandemic as Covid’s outbreak created labor shortages, among other issues.  

By the end of 2022, BofA plans to renovate the interior of about 85% its Charlotte financial centers. The entire network will have renovated branches by the end of 2023, the bank said.

BofA has about 47 branches in Charlotte as of this month, according to the bank’s website. The financial-services company is the Charlotte area’s largest bank by deposits with roughly 60% of local market share.