BEAR — Bank of America has renovated its Fox Run branch on the heels of an announcement that the financial institution plans to open 150 new branches by 2027.
Last week, the multinational investment bank revealed it will open 40 banks by the end of this year as well as 70 additional branches in 2026. The expansion plan will hit 60 markets and will include the renovation of existing financial centers.
The Bank of America branch in Bear was part of the $65 million renovations plan in the greater Philadelphia region that will span the next three years. There are seven branches in the state, from Newark to Rehoboth Beach.
“Our continued investment in our financial center network reflects our commitment to meeting our clients where they are and how they want to bank with us,” Bank of America Retail President Holly O’Neill said in a prepared statement. “We are focused on creating spaces where financial specialists can meet with clients and help them achieve their financial goals.”
Branches, or “financial centers” as Bank of America calls them, are still relevant in the Delaware market despite the digital and telework push over in the last five years due to client interest. While more than 90% of client interaction happens online, Bank of America reports that 800,000 in-person appointments were set this year so clients could meet with a financial specialist.
“The reason for their visit is no longer to deposit a check or get cash, or for day-to-day banking that can be done on our app or at an ATM. They’re coming to have conversations about their finances and their goals,” Bank of America spokesman Andy Alridge said.
The Bear branch is 3,600 square feet and offers lending and small business services, as well as personalized investment guidance from Merrill Lynch.
Bank of America’s move comes at a time when competitors have been revisiting how consumers bank, offering a diverse strategy of investing in more video teller options to brick-and-mortar locations. JPMorgan Chase & Co. opened its first center in Dover last year, hoping to meet the strong veteran and military employee base drawn to the state capital because of the Dover Air Force Base.
In the meantime, Bank of America has spent the last 11 years growing its network of financial centers and has invested over $5 billion in new and existing locations since 2016.
Bank of America is opening new locations in the Boise, Idaho market for the first time, rising to meet the growing population in the state. The corporation is also focusing on the New York, New Jersey, Utah, Colorado, Nashville, Utah, Atlanta, Sacramento and Omaha markets for its new expanded footprint.
