Bank of America has closed or sold at least 70 branches so far this year, according to data compiled by SNL Financial, part of the bank's plans to shed 750 offices over the next few years.
The Charlotte bank closed a net 51 branches in the first quarter, CEO Brian Moynihan said during a conference call last month. Also in April, the bank announced it was selling 15 branches in Maine, and later sold about a half dozen in Iowa.
These were the first branch sales in more than a decade, SNL Financial said.
SNL suggests that the bank has an opportunity to close or unload branches in smaller or less affluent markets. According to SNL data, Bank of America has:
- $18 billion in deposits in cities with less than 150,000 people
- 28 branches and $706.5 million in deposits in metro areas with less than 30,000 people
- 377 branches and $17.8 billion in deposits in areas where the median income is less than $40,000