Banking giant, Bank of America, projects expansion with plans to establish 165 new branches by the year 2026.
Bank of America is set to significantly increase its physical presence across the United States, with plans to open around 165 new branches in 60 different markets by the end of 2026. This expansion includes new financial centers throughout states like Idaho and major urban areas like New York City, including a flagship center in Bryant Park.
The bank's expansion strategy, which began in 2014, has already resulted in investments exceeding $5 billion in financial centers. Bank of America aims to launch in nine new markets and four new states by 2026, following the successful opening of over 100 financial centers in the past two years.
The focus on Louisville, Kentucky, will boost the number of branches in the state to 10 by the end of 2027. Bank of America opened its first branch in Lexington, Kentucky, in 2021, and plans to open five locations in Louisville by the end of 2025.
Meanwhile, Bank of America's rival, JPMorgan Chase, has announced plans to add more than 500 branches to its footprint by 2027, focusing on underrepresented areas. However, specific details about their expansion plans, new markets, or states they intend to enter by 2026 could not be found from the available search results.
As of March 2023, Bank of America ranks third in brick-and-mortar locations among U.S. banks, with 3,975 branches, according to Statista. This expansion will help Bank of America serve more consumers and small-business owners, as they currently serve roughly 95,000 in Kentucky alone.
In contrast to Bank of America's strategy, the bank plans to close two branches for every new one it opens, signaling a focus on efficiency and optimizing its existing network.
| Bank | Number of New Branches by End of 2026 | New Markets/States Mentioned | |------------------|---------------------------------------|---------------------------------------| | Bank of America | About 165 | 60 markets total, including Idaho and New York City | | JPMorgan Chase | Not specified in current results | Not available |
- Bank of America, with its strategic expansion, intends to strengthen its business in the industry, investing in around 165 new banking-and-insurance branches across 60 different markets by the end of 2026, hoping to tap into new potential finance markets such as Idaho and New York City.
- As part of its growth plan, JPMorgan Chase aims to enhance its footprint in the industry by adding more than 500 branches by 2027, particularly focusing on underrepresented areas, although specific details about new markets or states they intend to enter by 2026 are currently unavailable.
