PROVIDENCE – Bank of America Corp. is expanding its presence on the East Side while simultaneously shuttering two other state branches, according to filings with the U.S. Office of the Comptroller of the Currency published Wednesday.
The North Carolina-based bank, which has the second largest share of deposits in the state, plans to open a new Providence branch at 271 Thayer St., the same building that houses retail space for glasses company Warby Parker, according to an Oct. 27 application to the OCC. At the same time, the bank has decided to permanently shutter existing branches on Mendon Road in Cumberland and Newport Avenue in Pawtucket, according to OCC filings.
The Cumberland and Pawtucket branches were listed as temporarily closed on the Bank of America website as of Wednesday, with permanent closures slated for Feb. 8, 2022.
In an emailed statement on Wednesday, Bank of America spokesman Thomas Rottcher said the decisions reflect evolving customer behavior. The existing branches in Cumberland and Pawtucket have been closed for 19 and 10 months, respectively, and those employees are already reassigned to other branches, according to Rottcher.
The new branch on Thayer, which will include several full-service ATMs and other “high tech” and high touch” features, is slated to open by the end of 2022, Rottcher said.
The news comes after a wave of bank branch closures across the region in 2021, including three local branches of Webster Bank and 40 Citizens Bank branches in Stop & Shop Supermarkets in Rhode Island and Massachusetts.
(SUBS paragraphs 4-5 with comment from bank spokesman.)
Nancy Lavin is a PBN staff writer. You may reach her at Lavin@PBN.com.
