Bank of America plans more branches

BROOMFIELD — Bank of America isn’t talking a lot about its planned expansion into Broomfield and Longmont, but it isn’t being quiet about why they are here in Colorado.

“Colorado is a growth market for Bank of America, and we target locations for growth based on population size and where our clients are,” said bank spokesperson Britney Sheehan in an email message. According to plans submitted to the city, Bank of America plans to build a new banking center near the intersection of W. 120th Avenue and S. Bradburn Boulevard in Broomfield.

But while the bank isn’t ready to talk about the specifics of the roughly 4,500-square-foot branch in Broomfield, an April press release from the bank headquarters in Charlotte, North Carolina, touted the Denver area as a market the company is definitely targeting for expansion. This expansion is occurring as the company has cut back in other national markets. In Colorado, the bank has locations mostly in Denver and south, but does have existing branches in Westminster and Boulder, with plans for an additional branch at the Village at the Peaks in Longmont.

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Last summer Bank of America’s network of branches fell to 4,411 at the end of June, compared with 4,542 a year previous, and overall, the company had 1,720 fewer branches than it did in the summer of 2008. Bank officials pointed to an increase in online services as one reason for diminished brick and mortar facilities, but the April press release clearly focused on upgrading and building new facilities.

The Denver market was front and center in that press release as the first of those targeted areas, followed by Minneapolis, Minnesota; Indianapolis, Indiana; Pittsburgh, Pennsylvania; and Salt Lake City, Utah, respectively.

“In 2019 we plan to open one financial center on South Wadsworth in Denver, and three Advance Centers in Denver and Commerce City. Two remote ATMs are being installed at Market at Southpark in Littleton,” Sheehan said. “In 2020-2021, you can look for us to expand our presence in Thornton, Lakewood, Arvada, Parker, Broomfield and Green Valley Ranch.

“We expect about 80 jobs to be created as a result of this consumer and small-business banking expansion over the next few years. Being in the markets mentioned above will allow our clients to experience our innovative, integrated high-tech capabilities, service and expertise to help them meet their financial goals and objectives.”

Bank of America currently operates 16 facilities in Colorado, heavily concentrated in the Denver metro area. A quick look at a map of those facilities reveals a gap between the Boulder and Westminster banks, which will obviously be filled by the new banks in Thornton, Arvada and Broomfield.

According to the press release,  Bank of America has modernized more than 1,000 financial centers over the past three years and announced an additional 1,500 will be modernized over the next three years — including 500 in 2019 — bringing its total to more than 2,500 modernized centers.

“The centers are being renovated with new technology and layouts that create a more interactive, inviting and comfortable atmosphere for clients whose needs often go beyond routine transactions,” the release states.

“Designing the best client experience is a continuous process, and we’ve made great progress these last few years,” said Dean Athanasia, president of Consumer and Small Business at Bank of America. “Although more clients are using our digital banking capabilities, many still visit our centers for in-person conversations about some of their more complex financial needs. Our redesigned centers make it easy for them to access banking, lending, small-business and investing professionals for tailored solutions and advice on their life priorities and financial goals.”

Sheehan noted the company is a prized employer with a standard minimum wage of $20 per hour. It also subsidizes about 75 percent of employee health insurance costs. “Bank of America offers matching 401(k) contributions of up to 5 percent, and annual company contribution of up to 2 percent of pay after one year with the company, further making us a great place to work,” she said.

“With our industry leading mobile and online banking offerings, consumers looking to start a relationship with us don’t need to wait for us to open a physical location in their neighborhood.  Our groundbreaking digital products and services like Erica, Zelle and the Digital Mortgage Experience deliver safe, seamless experiences to consumers, in addition to traditional transactions like cashing checks and checking on account balances.”