Bank of America expands with new centers, flagship in NYC

CHARLOTTE, N.C. - Bank of America (BAC), with a substantial market capitalization of $332 billion, has announced plans to open more than 150 new financial centers by the end of 2027, expanding its presence in 60 markets, including the launch of a new flagship center at 2 Bryant Park in New York City. The bank’s growth strategy also includes entering the Boise, Idaho market with the opening of its first financial center in Nampa on June 9.

The newly opened flagship center in New York is designed as a hub for clients to interact with financial specialists and includes a unique art installation that reflects the dynamic nature of finance and the city. This move is part of Bank of America’s broader investment strategy, which has seen over $5 billion spent on opening and renovating financial centers since 2016. According to InvestingPro data, the bank has maintained dividend payments for 55 consecutive years, demonstrating its long-term financial stability and commitment to shareholder returns.

Bank of America’s expansion into Boise marks a significant step in the bank’s commitment to providing first-class financial services to more communities. The bank’s growth has been steady, with entry into 11 new markets since 2014, including Louisville in 2024, and the addition of 471 financial centers in existing markets since 2016.

The bank has completed renovations to more than 3,000 centers last year and plans over 500 additional renovations in the next two years. In partnership with ArtLifting, artwork by artists living with disabilities or impacted by housing insecurity now adorns over 1,600 financial centers. Earlier this year, Bank of America introduced a service offering on-demand American Sign Language interpreters through video in all financial centers, further enhancing accessibility for clients.

Bank of America serves nearly 250 million people across more than 200 markets, which equates to about 82% of the U.S. population, with nearly 30% of its financial centers located in low- and moderate-income communities. With the majority of client interactions now occurring digitally, the bank’s physical locations have evolved to focus on providing spaces for in-depth financial discussions. The bank’s strong market position is reflected in its financial performance, with revenues of $97.5 billion in the last twelve months and a healthy return on equity of 10%. InvestingPro analysis reveals multiple additional insights about BAC’s financial health and market position, with over 10 exclusive ProTips available to subscribers.

Bank of America is one of the world’s leading financial institutions, offering a range of banking, investing, asset management, and other financial and risk management products and services. Trading at a P/E ratio of 12.8 and currently rated as fairly valued by InvestingPro’s Fair Value model, the company serves approximately 69 million consumer and small business clients with a network of around 3,700 retail financial centers and 15,000 ATMs, along with its digital banking platform. Investors can access a comprehensive Pro Research Report on BAC, part of InvestingPro’s coverage of over 1,400 US stocks, providing deep-dive analysis and actionable insights.

This expansion announcement is based on a press release statement from Bank of America.

In other recent news, Bank of America has announced the issuance of a new series of preferred stock, known as the 6.625% Fixed-Rate Reset Non-Cumulative Preferred Stock, Series OO. This issuance includes 3 million Depositary Shares, each representing a 1/25th interest in a share of Series OO Preferred Stock. Additionally, Bank of America shareholders have approved significant changes to the company’s Equity Plan, increasing the number of shares available for grant by 100 million and extending the plan’s expiration date to 2035. At the same meeting, shareholders also approved the compensation packages for CEO Brian Moynihan and other executives, despite recommendations from proxy adviser Institutional Shareholder Services to vote against them. Moynihan’s compensation package rose to $35 million, attributed to his contributions to the bank’s revenue and net income growth last year. Furthermore, a consortium of banks, including Bank of America, completed the sale of debt linked to Elon Musk’s acquisition of Twitter, now called X. Meanwhile, Bank of America reported that Emerging Markets Asia, excluding China, saw significant investment outflows in the first quarter of 2025, marking the worst performance in over nine years. Despite the equity market challenges, debt markets in the region experienced positive inflows, suggesting a shift in investor preference.

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