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June 18, 2024

Bank of America eyes closure of CT Post Mall branch

COSTAR Bank of America's Connecticut Post Mall branch in Milford, 1331 Boston Post Road.

Banking giant Bank of America is seeking another branch closure in Connecticut. 

The Charlotte, North Carolina-based money-center lender, with $2.6 trillion in assets, has notified the federal Office of the Comptroller of the Currency that it plans to close a Milford branch located at the Connecticut Post Mall, 1331 Boston Post Road.

The branch held $128.8 million in deposits as of June 30, 2023, according to the Federal Deposit Insurance Corp. The bank has another Milford branch, at 21 Broad St., with $182.5 million in deposits.

Last year B of A notified regulators that it planned to close three other Connecticut branches in Hartford, Norwalk and the Cos Cob section of Greenwich. 

Bank of America is the largest federally insured lender in the state based on deposits, controlling $39.6 billion, or 23.75% of all Connecticut deposits as of June 30, 2023, FDIC data shows. 

It had 89 branches in the state as of June 30, 2023, FDIC data shows. 

The closure comes as Connecticut Post Mall considers a major redevelopment that would transform the struggling shopping center into a mixed-use residential and retail property.

Banks across Connecticut and the country have been trimming their branch footprints in recent years as more consumers use online banking services and as a way to cut costs. 

Banks operating in Connecticut had 973 branches in the state as of June 30, 2023, down 16% from the 1,159 branches they had as of June 30, 2018, FDIC data shows.

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