Bank Of America Closing More NJ Branches

NEW JERSEY — Bank of America plans to shut down more locations in New Jersey across the U.S. by the end of this year, and more in 2024, as it continues reducing local financial centers.

The Charlotte, North Carolina-based bank has already closed 95 banks so far in 2023, with another 15 still planned before the year is out, according to data from the Office of the Comptroller of Currency.

And as the Charlotte Business Journal reported, Bank of America “expects to reach up to 138 branch closures in 2024.”

The Business Journal report identified 5 confirmed or planned closures of remaining New Jersey branches that are in the works.

Threee other branches scheduled to close before 2024 are at 3140 Princeton Pike in Lawrence Township, 296 Summerhill Road in Spotswood, and 904 River Road in New Milford, according to the comptroller's office and Bank of America.

This is in addition to a closure earlier this year in Elizabeth, Bank of America said. One other branch in Hoboken is relocating this week.

A Bank of America spokesperson said the company plans to open five new branches in the Garden State as well, next year.

"We’ve invested millions into modernizing our financial centers throughout the state to meet consumer demand," said spokesperson AnnMarie McDonald.

"Even though clients are using digital banking more than ever, our financial centers are where they go to handle more complex transactions or discuss their finances. Most customers live less than ten minutes from a financial center."

Banks have to report planned closures to the Office of the Comptroller of Currency at least 90 days before the closure is scheduled.

A January 2022 Patch report noted that a trend toward online banking during the COVID-19 pandemic led to a 38 percent spike in retail bank branch closings across the country in 2021.