This National Bank Is Going To Close More Branches Here in New Jersey

We are talking about banking here in the United States and in particular banking here in the Garden State. According to Bank Rate, "The 15 largest banks in the United States hold a combined total of $11.9 trillion in assets as of June 30, 2023." So huge amounts of dollars are within these banks nationally.

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The Top 5 Banks in America

1. JP Morgan Chase
2. Bank of America
3. Citigroup
4. Wells Fargo
5. U.S. Bancorp

According to a recent Patch article, Bank of America has announced it is closing several bank branches here in New Jersey. "The Charlotte, North Carolina-based bank has already closed 95 banks so far in 2023, with another 15 still planned before the year is out."

Here in New Jersey, Bank of America plans to close several local branches here in the Garden State. "The Business Journal report identified 5 confirmed or planned closures of remaining New Jersey branches that are in the works. Three other branches are scheduled to close before 2024 (According to the comptroller's office and Bank of America)"

• 3140 Princeton Pike in Lawrence Township
• 296 Summerhill Road in Spotswood
• 904 River Road in New Milford

These moves are in addition to an earlier Elizabeth branch closing and a Hoboken branch being relocated.

In addition to these moves here in New Jersey by Bank of America, they also plan on adding several new branches. According to the Patch article, Bank of America officials say they plan to open five new branches here in New Jersey. We did not see any actual towns or locations mentioned.

"A January 2022 Patch report noted that a trend toward online banking during the COVID-19 pandemic led to a 38 percent spike in retail bank branch closings across the country in 2021." Do you do most of your banking primarily online? I do almost all my banking online.