Bank of America dwindles in U.S.

[Hestia]

By RICK ROTHACKER THE CHARLOTTE (N.C.) OBSERVER

CHARLOTTE, N.C. — Long known for expanding nationwide through deals, Bank of America Corp. is now whittling away at its domain, branch by branch.

The Charlotte-based bank closed 43 branches in the first quarter of this year and has filed notices to close 68 more, according to a McClatchy Newspapers analysis of federal filings. The data show the bank closing the most branches in slower-growing states such as Michigan and New Jersey.

At an investor conference last month, Bank of America said it plans to reduce its branch count by an estimated 10 percent over the next couple of years. The move comes as the bank cuts costs to adapt to new financial regulations and as customers increasingly use online, mobile and ATM banking options.

When banks close branches, one fear is that there will be a disproportionate effect on low- to moderate-income neighborhoods, said Ken Thomas, a Miami-based banking consultant. Branch closings are also a blow to economically distressed areas, he said.

more: http://www.arkansasonline.com/news/2011/apr/12/bank-america-dwindles-us-20110412/

[Shagbark Hickory]

1. Good. But I'll reserve my excitement for when we're talking about triple digits.

[sinkingfeeling]

2. To me, that's good news.