Bank of America to Open 165 Branches by 2026

Bank of America plans to launch 165 new branches by 2026, starting with 40 openings this year, including its first in Louisville, Kentucky.

Bank of America has embarked on an ambitious trajectory, poised to inaugurate over 165 bank branches across 63 distinct markets by the conclusion of 2026. This strategic expansion, which includes the unveiling of 40 branches within the current year, was disclosed by the financial institution on Monday.

In a notable development, the Charlotte, North Carolina-based bank has opened its inaugural financial center in Louisville, Kentucky, marking a significant milestone in its expansion efforts. The bank has plans to establish five additional locations in Louisville by the end of 2025, thereby enhancing its footprint in the region. This expansion is particularly intriguing as it aligns with the bank's ongoing consolidation strategy, which entails the closure of two branches for every new one that is inaugurated.

The recent opening in Louisville serves as an update to the expansion plans that Bank of America initially announced in June 2023, which included intentions to penetrate nine new markets and four new states by 2026. Notably, Bank of America had previously established its first branch in Lexington, Kentucky, in 2021. With the focus on Louisville, the total number of branches in the state is projected to reach 10 by the end of 2027, serving approximately 95,000 consumers and small business owners in Kentucky.

Furthermore, the bank has set its sights on opening its first financial centers in Boise, Idaho, in the early part of next year. The inclusion of branches in both Louisville and Boise has been integral to the bank's initial expansion strategy. Other markets targeted for establishment by 2026 include Omaha, Nebraska; Milwaukee and Madison, Wisconsin; New Orleans; Dayton, Ohio; and Birmingham and Huntsville, Alabama. Upon the completion of this ambitious expansion, Bank of America anticipates having financial centers in over 200 markets across 39 states.

Since the inception of its current expansion initiative in 2014, Bank of America has invested more than $5 billion in its financial centers. In a remarkable display of growth, the bank has launched over 100 centers in the past two years alone. As of March, Bank of America ranks third among U.S. banks in terms of brick-and-mortar locations, boasting 3,975 branches, according to Statista. JPMorgan Chase leads the pack with 5,110 branches nationwide, followed closely by Wells Fargo, which operates 4,349 branches.

In a related note, earlier this year, JPMorgan Chase announced its intention to augment its branch network by adding more than 500 locations by 2027, with a focus on underrepresented areas. This expansion will include new branches in cities such as Boston, Charlotte, Minneapolis, Philadelphia, and the Washington, D.C. metropolitan area. Additionally, the nation’s largest bank plans to renovate 1,700 existing branches and hire 3,500 employees to bolster its branch network.