The bank that controls the largest pile of deposits in Richmond is shrinking its presence in North Chesterfield.
Bank of America is in the process of closing its branch at 2601 Buford Road in Bon Air.
Spokesman Chris Feeney confirmed the impending closure and said it’s part of normal consolidation related to customers doing more of their banking online.
“We notified customers and clients in November and it’s scheduled to close at the end of February,” Feeney said. “We’re constantly adapting our network of financial centers in a manner that fits clients’ needs. We don’t do it willy-nilly – they tell us through using the centers and their habits and their needs.”
The branch held $58.38 million in deposits as of June 30, according to the FDIC.
BofA and its various predecessors have operated the branch since 1970, Feeney said. It currently leases the building, which was built in 1961 and is owned by the George W. Gray Trust.
Customers and the deposits will be sent to other nearby BofA branches. There are two within a few miles of the Buford Road site, including 10700 Midlothian Turnpike near Johnston-Willis Hospital and 7203 Midlothian Turnpike in the Stonebridge development.
BofA will have 22 branches in the market following the closure of the Buford Road site. It had 32 area locations a decade ago.
The bank is by far the leader among retail banks in deposit market share in Richmond with a total of $13.53 billion in deposits held across its local outposts as of June 30. Its nearest rival is Wells Fargo, which as of June 30 had $7.3 billion spread across its 61 local branches.