Bank of America is closing this branch on The Plaza near NoDa. Will it be replaced?

Bank of America is shuttering a branch near the Plaza Midwood and NoDa neighborhoods, the latest in a series of local closures as the bank trims its brick-and-mortar presence in Charlotte.

The bank filed paperwork with regulators last week to permanently close the branch at 3401 The Plaza. It’ll shutter next August, according to Bank of America’s website.

For some time, Bank of America has been adjusting its branch network in its headquarter city. This summer, the bank permanently shut a centrally located Dilworth branch that had temporarily closed during the pandemic, one of several such closures in 2022.

The Plaza branch will be replaced by a new location in NoDa late next year, the bank told The Charlotte Observer on Wednesday, located at the intersection of 36th and Tryon streets.

“Well before the pandemic, we were implementing plans to optimize our Financial Center and ATM network,” a bank spokesman told the Observer. “Our financial center network continues to be core to our business.”

Bank of America is Charlotte’s largest local bank by deposits, accounting for 62% of the metro area’s market. It still has about 45 branches and ATMs in the city, according to its online branch locator.

Other banks expand in Charlotte

As Bank of America shrinks part of its branch network, other banks are edging their way into Charlotte’s retail market.

New Jersey-based TD Bank, the U.S. subsidiary of Canadian Toronto Dominion Bank, announced last month that it plans to add 15 branches in Charlotte by 2025.

U.S. Bank and Fifth Third Bank also have added a number of branches in Charlotte in recent years.

And New York-based JP Morgan Chase is rapidly expanding in the area.

The bank opened its first Charlotte branch — across the street from Bank of America’s uptown headquarters — in March 2020. It’s already up to 17 locations in the region, with three more slated to open next year.

Jamie Dimon talks stagflation, competing as ‘little guy’ in Bank of America’s yard

“We’re going to double down,” CEO Jamie Dimon told branch workers in a visit to Charlotte last week. “We’re not gonna stop.”