Bank of America targets 3 CT branch closures
COSTAR
Bank of America is planning to close this Hartford branch, at 70 Farmington Ave.
The state’s largest bank by deposits is targeting new branch closures.
Bank of America has informed the federal Office of the Comptroller of the Currency it plans to close three branches in the state.
They are located in Hartford, Norwalk and the Cos Cob section of Greenwich.
The Hartford branch, at 70 Farmington Ave., is on the outskirts of downtown and had $112.5 million in deposits as of June 30, 2023, according to Federal Deposit Insurance Corp. data.
The Cos Cob branch, at 162 E Putnam Ave., had $111.8 million in deposits as of June 30.
The Norwalk branch, at 48 Wall St., had $98.9 million in deposits as of June 30.
Bank of America is the largest lender in the state based on deposits, although its market share shrank by 12% over the past year, from June 30 2022 to 2023, to $39.6 billion.
BofA controls 23.75% of all Connecticut deposits, FDIC data shows.
It had 90 branches in the state as of June 30, 2023, FDIC data shows.
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