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Reedley on List of Cities Losing BofA Bank Branches
gvw_edward_smith
By Edward Smith
Published 3 weeks ago on
June 5, 2024

The Bank of America branch at 936 G St. in Reedley will close Aug. 20, 2024. (GV Wire Composite/Paul Marshall)

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Reedley will lose its only Bank of America branch come August.

The 936 G St. location in Reedley joins 14 other locations across California that have either already closed or will close this year, according to finance news website La Grada. The branch’s last day will be Tuesday, Aug. 20.

Customers looking to the nearest branch will have to travel to Selma or Dinuba to conduct in-person business.

The bank has 15 closings confirmed this year. Nationwide, the company is closing 62 locations in 2024, according to Finance Buzz. You can view the other California closures at this link.

Colleen Haggerty, senior vice president of media relations for BofA, said the bank will “always maintain a significant retail presence in the state.” The bank has invested more than $550 million to renovate its network.

“The way our clients manage their financial lives and do business with us has rapidly evolved in recent years with 90% of clients interacting with us digitally while the other 10% is via phone and in-person,” Haggerty said. “Most transactions can easily be done at ATMs, mobile, and online. Given this, we may consolidate financial centers that are within close proximity to other centers or close those that have significantly diminished client traffic.”

Digital Banking Grows

The closing is part of an industry-wide contraction taking part as online banking services grow.

On the consumer banking end, deposits for the bank have declined 7% to $952.5 billion since last year, according to BofA’s first quarter report. Bank revenue decreased 5% in the same period because of the lower deposit balances.

Digital usage of bank services increased year over year.

The number of customers using digital banking increased 5%. More than three-quarters of households use digital banking.

“Our 23 financial centers across Fresno, Merced and Tulare counties, for example, remain core to how we do business, and we will have invested more than $27 million to renovate these centers to accommodate how clients use our centers today for more personalized advice and less so for transactions that can quickly be done via our digital channels,” Haggerty said.

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Edward Smith,
Multimedia Journalist
Edward Smith began reporting for GV Wire in May 2023. His reporting career began at Fresno City College, graduating with an associate degree in journalism. After leaving school he spent the next six years with The Business Journal, doing research for the publication as well as covering the restaurant industry. Soon after, he took on real estate and agriculture beats, winning multiple awards at the local, state and national level. You can contact Edward at 559-440-8372 or at Edward.Smith@gvwire.com.

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