Bank of America has now listed new branch closures for the year 2024 as a wave of locations continue to shutter this year.
Three major Bank of America branches will now close in Michigan this month according to new data from the Office of the Comptroller of the Currency (OCC).
The ongoing popularity of online banking has been reported as the primary cause of the current spate of state closures,” reports Joel Eisenberg.
California will see the most locations shut down at a whopping 15 this month, while Michigan and Massachusetts will have three and two sites close, respectively.
However, Bank of America has already begun to list new branch closures for the year 2024.
According to an October 12th report from Connecticut.News12, the four locations listed below are scheduled to close between next spring and next summer as among the first announced of a new spate of 2024 Bank of America branch closures.
“Bank of America is closing several branches in Connecticut.
The bank will close the Wall Street location in Norwalk, the Cos Cob branch on East Putnam Avenue in Greenwich and the Shippan Avenue location in Stamford.
The Farmington Avenue branch in Hartford will also shut its doors.“
No specific dates of closure have yet been listed.
Bank America issued a statement saying, “As we keep investing in new financial centers, we are constantly adapting our financial center and ATM networks to fit our clients’ changing needs.
The teammates working out of these financial centers will be transferred to others in our network as we remain committed to the community with about 2,600 employees in Connecticut.”
Other Bank News Today
Another massive bank is now at risk of collapsing as it struggles to put together a rescue takeover, reports the WSJ.
“Investors have been jittery for months about banks, after the implosions of Silicon Valley Bank, First Republic, Credit Suisse and others,” says Caitlin McCabe.
“Metro Bank was hobbled by company-specific problems”, S&P Global Ratings said Monday—primarily due to “subscale, high-cost business model” and a less efficient balance sheet than bigger peers.
Metro Bank was initially set out to compete with Barclays and NatWest, which at first began to attract deposits quite well.
However, the bank “struggled with poor profitability and a big real-estate footprint, as well as problems with loan accounting in 2019,” per WSJ.
Shares of the bank are currently down more than -61% this year-to-date.
In a research note, Christopher Cant, a senior analyst at Autonomous Research, recently singled out “long term, unbreakable, and expensive leases” as a key headache.
“Metro Bank has lined up a £925 million financing deal, including £150 million of new stock and £175 million of fresh debt.
The rest of that sum comes from a refinancing of existing debt, which will impose a 40% haircut on holders of some riskier bonds.”
However, the bank’s shareholders will be negatively impacted.
“Shareholders who can’t or won’t take part will see their stake diluted by about two-thirds, Gary Greenwood, an analyst at Shore Capital Markets,” said in a note Monday.
Billionaire Colombian backer Jaime Gilinski Bacal is injecting £102 million and will become the bank’s majority owner, with a 53% stake.
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