The Bank of America branch in Reedley will close next year as the location’s lease expires. Photo by Estela Anahi Jaramillo
The Bank of America Reedley branch is set to close in August 2024 when the building’s lease expires.
Located at 936 G. St., the two-story building sits across from Pioneer Park, the site of various community events. At more than 10,000 square feet, it is situated in the main downtown business district within walking distance of Reedley City Hall and police headquarters.
One of its exterior walls features a large mural celebrating Reedley’s agricultural bounty. Sequoia Institute of Surgical Services and Occupational Medical Associates are also tenants in the building.
The closure tracks with an ongoing trend in banking. From 2017-2021, more than 7,000 bank branches closed in the U.S., including the Bank of America branch in Kingsburg in 2018 and Fresno’s Tower District location in 2017.
A Bank of America spokesperson said in an email the decision to close a branch is always challenging.
“The pandemic significantly accelerated banking behaviors toward digital self-service platforms instead of traditional foot-traffic banking. For example, 90% of our clients now interact with us digitally – including nine out of every 10 checks are deposited outside the walls of a branch via mobile deposit and at ATMs,” according to the Bank of America spokesperson. “Given this change in banking behaviors, Bank of America regularly reviews its retail network presence to consider consolidating locations where, for example, there is low instore transactions or other centers in close proximity.”
Bank of America operates 23 financial centers and more than 100 ATMs within its Central Valley market. It is the second-largest financial institution in the Central Valley by market share with 18.24% of deposits, just edged out for No. 1 by Wells Fargo with 18.95% of the market, according to the most recent data from the Federal Deposit Insurance Corp.
“When a center will close, we do our best to give as much advance notice to impacted clients as possible, in this case nearly a year to prepare,” according to the spokesperson. “We will be placing a full-service ATM in Reedley before the center closes that handles the most common bank transactions, or clients can utilize our next nearest financial center located within five miles.”
The next closest Bank of America branch is located in Dinuba.
2023-10-12 20:02:53
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