Good morning everyone! We just talked about how TD Bank was expanding and opening lots of bank branches in South Florida. This is about the rest of the banking world, and not a little guy either. Bank of America has announced it is closing a bank branch in West Boca Raton. This branch was located in the Somerset Shoppes, which is located at the Northeast corner of Glades Road and Lyons Road, a major intersection. This is a very good area and the bank had $68.1 million in deposits as of June 30th, nothing to sneeze at. This is part of the 189 bank branch closures BOA is doing this year across the nation. This is more than any other bank. Nevertheless, they still have 10 locations open in Boca Raton after this closure so you will still be able to find one around town but this is surely a sign of cutting back. And this is from a bank that ranked first in amount of branches and 2nd in deposits. They have 203 branches in South Florida and $27.2 billion in deposits. I think we will be hearing about many more branch closures by not just BOA but many other banks in the coming months. I guess they had their run, and no one is crying for them, but it is still taking some getting used to with banks hurting. Before the 80’s it seemed like it could never happen but now they are more like other companies when it comes to financial difficulties.
Bank of America to close South Florida branch
http://www.bizjournals.com/southflorida/blog/morning-edition/2014/02/bank-of-america-to-close-boca-raton.html?ana=e_sflo_rdup&s=newsletter&ed=2014-02-07
Orin Rosenfeld
President
Rosenfeld Realty Advisors
9858 Glades Rd. Suite 209
Boca Raton, FL 33434
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