Memphis, TN – Bank of America today announced the grand opening of a new financial center on Union Avenue in midtown Memphis. The opening of this center further expands Bank of America’s retail banking, lending and small business services in Memphis, along with investing and personalized financial guidance from Merrill. This opening is part of Bank of America’s previously announced plans to open more than 150 new financial centers across 60 markets by the end of 2027, including 40 this year and an additional 70 in 2026. Since 2016, Bank of America has invested over $5 billion in its financial center network, opening new locations and renovating existing centers, including more than $11.3 million in Memphis. The bank plans to invest more than $6 million more in the next two years.
Clients in Memphis also have access to Bank of America’s industry-leading digital capabilities, which serve the banking, lending and investing needs of 59 million verified digital clients. The new financial center showcases the latest technology, private offices to assist clients one-on-one and on-site financial specialists who work as one team to understand a client’s unique priorities and goals, and to provide personalized guidance. With more than 90% of client interactions taking place through the bank’s digital channels, the bank’s financial centers have adapted to focus on meeting spaces where clients can have in-depth conversations about their finances.
“The Union Avenue financial center demonstrates our continued commitment to helping Memphians thrive, including our clients, teammates and the community,” said Trevia Chatman, President of Bank of America Memphis. “This opening marks Bank of America’s steadfast confidence in future economic development and growth in Memphis. We are dedicated to meeting the needs of clients where they are — both geographically and at every stage of their financial journey.”
Bank of America’s commitment in the Memphis community includes:
- Providing $1.4 million in grants and sponsorships to address education, workforce development, the arts and affordable housing in 2024, including Big Brothers & Big Sisters and MIFA, both serving the residents of midtown.
- Providing a $500,000 anchor grant to the National Civil Rights Museum in 2025.
- Hiring new Consumer Banking Lead and new Community Relations Manager in 2025.
- Providing a $250,000 anchor grant to the Memphis Brooks Museum of Art in 2024.
- Providing $50,000 Neighborhood Champion grant to Collage Dance Collective in 2024.
- Offering Museums on Us – free admission to the National Civil Rights Museum on the first Sunday of the month for Bank of America cardholders.
- Introducing Golf with Us, a partnership between Bank of America and Youth on Course, with 230+ Memphians, ages 6 to 18, registered to access to five golf courses in Memphis for $5 per round.
- Having an Operation Hope counselor and a team of Better Money Habits Champions provide financial education and wellness to Memphians.
- Serving 500,000 households in Memphis.
Bank of America is the nation’s number one small business lender, including $53 million in loans to local small businesses. It has provided $445 million in loans to commercial businesses in Memphis and $20 million in home loans to families in Memphis.
Since 2020, Bank of America has invested $7.1 million in Memphis through grants to local nonprofits, and employee matching gifts. In the same time period, employees volunteered 15,000 hours and contributed $2.2 million to local nonprofits and community needs, a portion of which was matched by the Bank of America Charitable Foundation.
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 69 million consumer and small business clients with approximately 3,700 retail financial centers, approximately 15,000 ATMs (automated teller machines) and award-winning digital banking with approximately 59 million verified digital 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 4 million small business households 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 more than 35 countries. Bank of America Corporation stock is listed on the New York Stock Exchange (NYSE: BAC).
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