"Bank of America adds to closings; 4 more in Bay State to be shuttered" by Todd Wallack | Globe Staff, March 17, 2012
Bank of America, the state’s largest bank, plans to close at least four more of its 270 branches in Massachusetts as part of an effort to streamline its national network of offices, according to regulatory filings. The loss of those four branches would come on top of two other local branch closings announced last month by the Charlotte, N.C.-based bank.
The closings are another indication that US banks are shrinking branch networks to trim expenses, absorb acquisitions, and take advantage of customers moving to online banking.
Just as newsreaders are moving to the Internet for the truth.
Related: Banks Brighten Boston
Can you blame us?
Overall, the number of bank branches declined by about 1 percent nationwide over the last two fiscal years, according to the Federal Deposit Insurance Corp.
In the latest round of closings, Bank of America said it plans to shutter branches on St. James Avenue in Springfield and West Street in Ware on June 15 and branches on Cochituate Road in Framingham and Pleasant Street in Malden on June 22. The bank previously announced plans to close branches in New Bedford and the village of Turners Falls in Montague in June.
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Separately, Bank of America has been selling its office buildings across the country to further streamline its operations. Last month, it struck a deal to sell its 37-story office tower in Boston’s Financial District, the sixth tallest skyscraper in the city, to Boston Properties for $615 million.
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