September 17, 2019
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Bank of America to close its York branch

Deborah McDermott | The York Weekly
Deborah McDermott | The York Weekly
The York branch of Bank of America, located in York Village, will close Dec. 3.

YORK, Maine — Bank of America is shuttering its York Village branch this December, as more and more customers use mobile banking options rather than going to a brick-and-mortar facility.

Notices went out to customers last week, telling them the Bank of America building at 10 Long Sands Road would close Dec. 3. Branches in Wells and Portsmouth, New Hampshire, will remain opened.

Bank of America spokesman Trevor Koenig said customers nationwide “prefer to do their everyday banking via their mobile device or online. Today, we have 28 million mobile banking customers and 37 million online customers.”

“As with clients across the country, many clients in Maine have adopted our online and mobile banking offerings because of the convenience they provide,” he said.

According to published reports, the closing of some branch offices across the country is part of a bigger strategy of the Bank of America. For one, it reduced branches by more than 1,700 between 2008 to 2018.

In a report to analysts last year, Bank of America CEO Brian Moynihan said the use of mobile banking has increased across age groups. “The common theory is that this is all young kids,” he said in June 2018. “But there’s not enough young kids in anybody’s customer base to drive this kind of activity. It has broadened out dramatically.”

At the same time smaller branches are closing, Bank of America is opening up branches in American cities, primarily in the Midwest. So as traditional bank branches are closing, regional facilities that handle other business are opening.

“As more clients do their traditional banking outside of financial centers [branch bank locations], financial centers are increasingly used to address more substantial yet infrequent client needs,” Koenig said, “like planning for retirement, securing a loan or establishing a banking relationship for their small businesses.”

In addition, Bank of America is adding an artificial intelligence financial adviser, called Erica, which had nearly 6.3 million users as of March 31. And the company has a digital payment service, called Zelle.

Koenig did not answer a question about whether the building, in the heart of the village, will be going up for sale. Currently, it is not listed among the commercial properties for sale in York, according to the Maine Real Estate multiple listing service.

 



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