Bank of America is closing more New Jersey branches

There’s more banking news in New Jersey, and it’s not good for the consumer.

Bank of America, which had already closed four branches in New Jersey, is planning to shutter more locations.

The branches that are slated to close in 2024 are:

⚫ 3140 Princeton Pike, Lawrence Township
⚫ 296 Summerhill Road, Spotswood
⚫ 904 River Road, New Milford

According to Lehigh Valley Live, Bank of America is closing over 100 branches nationwide as part of a reduction of its retail business.

Already closed this year was 288 North Broad St., Elizabeth.

A spokeswoman for Bank of America said the bank plans to open five branches in the state in the next couple of years.

Bank of America is an American multinational investment bank and financial services company headquartered in Charlotte, North Carolina. It is the second-largest bank in the United States by assets, with a total market capitalization of $333 billion as of September 2023. The bank has over 66 million retail banking, wealth management, and business banking customers, and over 16,000 ATMs and 3,900 retail financial centers across the United States.

There have been scores of bank closings in New Jersey; according to the Daily Mail, 83 bank branches in New Jersey closed in the first six months of 2023.

Wells Fargo, PNC Bank, Capital One, Bank of America and Citibank have all closed branches.

Smaller banks, including Kearny, Truist, Provident, BCB and First Bank have intent to close notices on file with banking regulators in New Jersey.

Opinions expressed in the post above are those of New Jersey 101.5 talk show host Bill Doyle only.

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