Bank of America Plans New Branch in Richmond
Bank of America seems to be moving forward with its intention to open a new branch in Richmond. According to recent documents, the bank is set to establish a retail location at 1600 W. Broad St., specifically on the ground floor of the 12-story Ascend RVA apartment tower.
This new branch will mark the first addition to the city since the closure of its downtown location at 1111 E. Main St. last year. The new spot on Broad Street provides a visible presence along an area that’s anchored by VCU and also directly competes with Virginia Credit Union and Fulton Bank, which have opened new branches nearby.
Interestingly, Bank of America will be the first commercial tenant to move into the Ascend Tower, a project completed about two years ago by The Opus Group and Balboa Real Estate Partners.
There’s some uncertainty surrounding whether this new branch will replace or supplement the existing location at 2101 W. Broad St. The bank has opted not to disclose specific details about the new branch, only managing to say that they are “always looking for ways to optimize our financial centre network.”
As of last week, it seemed that construction hadn’t started yet on this new banking space. Documentation shows that a local architectural firm is involved in the design, alongside the Infinity Engineering Group.
After closing the downtown branch, Bank of America expressed its commitment to expand its footprint in Richmond, although no specific new locations were indicated at that time. Following this, two new branches were established: one at 12,200 Bridgewood Crossing Drive in Midlothian and another at 5,000 W. Broad St. across from Willow Lawn in Henrico.
Moreover, the bank is in the planning phase for another branch at 1401 Eastridge Road. Even though Bank of America has fewer locations compared to some competitors, it still retains a significant presence in the Richmond market, especially in terms of local deposits.
According to their report, “Bank of America is Richmond’s deposit market share leader, with about 42%.” They noted an increase in deposits from $12.5 billion in 2014 to over $24 billion now, which is quite an impressive growth.
The nearest competing banks in the area, Truist and Wells Fargo, hold market shares of $8.4 billion and $8 billion, respectively. Currently, Bank of America operates 17 local branches, while Truist and Wells Fargo have 43 and 40 branches, respectively.
This year, Bank of America has also announced plans to invest $20 million over the next two years to improve its existing branch network, potentially replacing some older locations. This comes after spending a similar amount to update the interiors of 15 branches in the region over the last five years.
