2011-01-13 / Front Page

Bank of America announces closing of branch

Bank of America announced this week that it will close its Jamestown branch on April 8. The bank sent letters to its customers announcing the closure.

“If closing a banking center is in our best interest as a business,” vice president of media relations T.J. Crawford said, “and there are similar convenient Bank of America centers around, then we will most likely close that center.”

Crawford said that Bank of America constantly evaluates its entire retail network, and may consolidate or add branches at any time. Crawford said typically customers of the closing branch are given 90 days notice.

In the 1960s, the building was occupied by the Industrial National Bank, which renamed itself Fleet Financial Group in 1982. In 2003, Bank of America acquired Fleet for $47 billion, and since 2004, 29 Narragansett Ave. has been home to Bank of America.

There are three employees currently at the Jamestown branch, and another has already transferred to another branch. Crawford says that the remaining three employees will be placed in different branches by the time the branch is closed. “There will be no job loss,” Crawford said.

BankNewport on 31 Conanicut Ave. is the only other bank located on the island.

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