Doors Open in Cincinnati and Columbus This
Summer
30 Locations and 150 Jobs Are Planned
Will Build on $468 Million in Small Business
and Mortgage Lending in 2018
Bank of America today announced that it has
opened its first full-service financial center in Cincinnati and
will open its first in Columbus in the coming weeks. The company’s
arrival in Ohio brings retail banking, lending and small business
services, plus investing with Merrill, to new and existing clients
in the areas. These centers serve as a destination to provide
clients easy access to expert advice for all their financial
needs.
The bank plans to open nearly 30 centers in Cincinnati and
Columbus over the next two years and will expand its presence into
the Cleveland area next year as well. Bank of America has already
opened 65 ATMs in Cincinnati and Columbus over the past year and
has nearly 100 ATMs in the state of Ohio. The bank invested $468
million for home and small business loans through 2018 and expects
that number to grow with the expansion of its network.
“The new financial centers in Cincinnati and Columbus further
tie our success with Ohio’s success,” said Jeneen Marziani, Bank of
America Ohio market president. “By bringing even more financial
services to Ohio – including new Private Bank offices – we’re able
to deliver the full breadth of our capabilities to help our clients
improve their financial lives.”
The new financial centers are state of the art, showcasing the
newest technology including advanced ATMs; private offices to
assist clients one-on-one; on-site specialists, including Merrill
financial solutions advisors; Bank of America lending officers and
small business bankers who work as one team to understand a
client’s unique circumstances and personal goals to provide the
guidance and advice they seek.
“Expanding our nationwide financial center presence to Ohio
helps us better serve all the needs of our clients here and deliver
on our commitment to responsible growth,” said Bank of America CEO
Brian Moynihan.
Bank of America has a long history of serving the Ohio
community, providing commercial and business banking, as well as
wealth management services through Merrill, to more than 775,000
relationships across the state.
The retail entrance into Ohio reflects the company’s continued
expansion and modernization efforts across its financial center and
ATM network. It is part of the bank’s recently announced plans to
modernize 1,500 financial centers; add more than 2,700 enhanced
ATMs; and open 350 new financial centers in new and existing
markets over the next few years, including in Salt Lake City,
Pittsburgh, Denver, Minneapolis, Indianapolis, Ohio and Lexington,
Kentucky.
Cincinnati The company’s first financial center in
Cincinnati is located in Loveland at 12191 Montgomery Road/US 22
and is one of 15 centers to open in the area over the next two
years. Bank of America currently has 34 ATMs in the market.
Columbus Bank of America’s first financial center in
Columbus, one of 14 total centers planned for the area over the
next two years, will be located in Morse Plaza at 1650 Morse Road.
The company has already opened 31 ATMs in the market. The Morse
Plaza location is one of 650 locations across the U.S. that Bank of
America has designated as a community financial center. These
centers connect clients in low- and moderate-income (LMI)
communities to customized products, services and information that
address their unique needs and help to build financial
resilience.
Private Bank expansion Bank of America Private Bank is
also expanding its business in Ohio to offer custom investment
management, wealth structuring, estate planning, philanthropy,
private business financing, banking, credit and trust service
solutions to high net worth individuals, families and institutions.
The company opened its first Private Bank office in Ohio late last
year, located at 312 Walnut Street in Cincinnati. Since then, Bank
of America has grown its Private Bank team and hired associates in
Cleveland and Columbus, with plans to expand its coverage in both
markets. Cincinnati, Cleveland and Columbus locations are under the
leadership of market executive Kashim Skeete, supported by a team
of seasoned trust, investing and wealth strategy professionals.
Ongoing commitment to Ohio At least 150 new jobs will be
created in Ohio as part of the expansion to support clients within
financial centers, adding to the more than 1,500 people Bank of
America currently employs in the state. The company subsidizes
approximately 75 percent of employee health care costs, which means
Ohio-area employees will also be eligible for benefits that have an
average value of almost $17,000. The firm also offers matching
401(k) contributions of up to 5 percent, and an annual company
contribution of up to 2 percent of pay after one year with the
company.
Bank of America was recently recognized as one of the “100 Best
Companies to Work For” by Fortune magazine and the global research
and consulting firm, Great Place to Work®. It was also recognized
as the only financial services company on Fortune’s inaugural “Best
Big Companies to Work For” list, which recognizes seven companies
with more than 100,000 U.S.-based employees that passed the Great
Place to Work® Certification bar.
In addition to providing resources and local employment
opportunities, the company has deployed $1.2 billion in capital
since 2007 to low-carbon, sustainable business activities as part
of its environmental business initiative. Since 2014, it has
provided $8.9 million in grants and matching gifts through the Bank
of America Charitable Foundation to support local nonprofits
addressing economic mobility and community needs. The company has
also invested in Ohio through partnerships and community
development support to help advance economic mobility across the
state, including:
- Neighborhood Builders®: Bank of America created
Neighborhood Builders in 2004 to strengthen the network of
nonprofit leadership that is critical to helping our local
communities thrive. Last year, the bank recognized MAGNET: The
Manufacturing Advocacy and Growth Network in Cleveland as a
Neighborhood Builders grantee. MAGNET, which supports the
manufacturing companies of Northeast Ohio, received $200,000 in
unrestricted grant funding and leadership development for its
executive director and an emerging leader at the organization. The
grant was aimed at strengthening the organization’s Early College,
Early Career (ECEC) program, which is an initiative offering local
high school students the opportunity to work part-time at a local
manufacturing company, where they gain work experience, soft
skills, professional mentorship, and college credit, and earn an
hourly wage. – In Cincinnati, the first Neighborhood Builder was
Over-the-Rhine Community Housing, a nonprofit community development
organization that provides a wide spectrum of affordable and
supportive housing options with life-changing programs that help
low-income residents in the Over-the-Rhine community succeed. The
Neighborhood Builder grant will allow Over-the-Rhine Community
Housing to provide more residents affordable housing, further
expand the organization's wrap-around services programs, and make
the building ADA-compliant and accessible for all. – The first
Neighborhood Builder in Columbus was I Know I Can, which was
founded in 1988 as a result of the foresight, dedication, and
generosity of community and civic leaders who believed that no
child should be denied a college education simply because they
could not afford it. With the 2018 Neighborhood Builder Award, I
Know I Can plans to expand to two new school districts — Whitehall
and South-Western — and reach 3,900 students. The pilot will likely
result in an expansion to five high schools, four middle schools
and 3,600 more students in those same districts by 2019. By 2025, I
Know I Can has the potential to serve over 40,000 students with
comprehensive programming in four Franklin County school
districts.
- Partnering with CDFIs: Bank of America has provided
$6.25 million in capital in the last two years alone to Ohio
community development financial institutions (CDFIs) to help extend
capital to individuals and communities who may not qualify for
traditional loan products.
- Increasing health care access: Late last year, the Bank
of America Charitable Foundation awarded a $1 million anchor grant
to MetroHealth System, Cuyahoga County’s public health system, to
support MetroHealth’s expanded services and transformation.
Through the company’s Art Conservation Project, Bank of America
has provided grants to museums in 31 countries for more than 150
conservation projects, including two in Ohio at the Columbus Museum
of Art and the Cleveland Museum of Art.
For additional information on the Loveland and Morse Plaza
financial centers and existing ATMs in the Cincinnati and Columbus
areas, please visit locators.bankofamerica.com/oh/.
Bank of America Private Bank Bank of America Private Bank is a
leading private wealth management organization providing vast
resources and customized solutions to help meet clients’ wealth
structuring, investment management, banking and credit needs.
Clients are served by teams of experienced advisors offering a
range of financial services, including investment management,
financial and succession planning, philanthropic and specialty
asset management, family office services, custom credit solutions,
financial administration and family trust stewardship. Bank of
America Private Bank has more than 4,000 professionals and
maintains 93 offices in 31 states. As part of Bank of America, it
can provide access to a broad range of banking solutions for
individuals and businesses, and an extensive retail banking
platform.
Bank of America Bank of America is one of the world’s leading
financial institutions, serving individual consumers, small and
middle-market businesses and large corporations with a full range
of banking, investing, asset management and other financial and
risk management products and services. The company provides
unmatched convenience in the United States, serving approximately
66 million consumer and small business clients with approximately
4,300 retail financial centers, including approximately 2,200
lending centers, 2,400 financial centers with a Consumer Investment
Financial Solutions Advisor and 1,700 business centers;
approximately 16,600 ATMs; and award-winning digital banking with
more than 37 million active users, including approximately 28
million mobile users. Bank of America is a global leader in wealth
management, corporate and investment banking and trading across a
broad range of asset classes, serving corporations, governments,
institutions and individuals around the world. Bank of America
offers industry-leading support to approximately 3 million small
business owners through a suite of innovative, easy-to-use online
products and services. The company serves clients through
operations across the United States, its territories and
approximately 35 countries. Bank of America Corporation stock
(NYSE: BAC) is listed on the New York Stock Exchange.
For more Bank of America news, including dividend announcements
and other important information, visit the Bank of America
newsroom. Click here to register for news email alerts.
www.bankofamerica.com
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version on businesswire.com: https://www.businesswire.com/news/home/20190722005142/en/
Reporters May Contact: Diane Wagner, Bank of America,
312.992.2370 Diane.Wagner@bankofamerica.com
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