One of Hellertown’s three banks is closing.
Bank of America has announced in a letter to local depositors that it will close its branch at 5 Main Street–next to the Shoppes at Hellertown–at the end of July.
A regional spokesman for the company’s corporate communications department, Trevor Koenig, confirmed in an email Tuesday that the branch will in fact close.
“Clients will continue to have access to nearby financial centers in Allentown…and Bethlehem,” he said, referring to such branches as E. Third Street in Bethlehem and Lehigh Street in Allentown.
“We constantly adapt our financial center network to fit clients’ changing needs and habits. Our goal is to provide the right network of financial centers and ATMs for our clients to do their banking,” Koenig said.
“Our clients increasingly prefer to do their everyday banking via their mobile device or online,” he added. “As more clients do their traditional banking outside of financial centers, financial centers are increasingly used to address more substantial yet infrequent client needs, like planning for retirement, securing a loan or establishing a banking relationship for their small business.”
Bank closures have to be approved by the Federal Deposit Insurance Corporation (FDIC), which regulates the banking industry in the United States.
Typically a branch must be able to show a financial loss in order to be approved for closure, a source with knowledge of the banking industry said.
On Monday, Bank of America reported a record $6.9 billion profit during the first three months of 2018, which CNN Money reported is the financial institution’s biggest quarterly profit in its history.
What do you think of the closure of the Bank of America branch in Hellertown? Will you continue to bank with BofA or will you move your money to a different bank? Tell us in a comment.