BofA ventures into Kentucky with biggest U.S. banks expanding

Bank of America is opening retail bank branches in Kentucky for the first time as the largest U.S. lenders eye expansion.

The Charlotte, North Carolina-based bank is adding three locations in Lexington, with plans for a fourth next year, according to a statement Monday. Since 2015, Bank of America has expanded into several new markets, including Denver, Minneapolis and Pittsburgh, with 90 new locations and more than 700 ATMs added in the past year and a half.

Bank of America branch

“It’s a growing market,” Aron Levine, the bank’s president of preferred and consumer banking and investments, said of Kentucky in an interview. “There’s really strong employment numbers. And the expectation is continued growth.”

Other major banks have recently expanded or detailed plans for doing so. JPMorgan Chase is moving into new states and spending billions annually on digital offerings. Last month, Citigroup Chief Executive Jane Fraser reiterated her company’s interest in opening additional retail locations.

The entry of banking giants into new markets has helped spur smaller lenders to merge to remain competitive.

Bloomberg News
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