Bank Of America Closing Downtown Branch

— Bank of America is closing its downtown Springdale branch March 8.

Diane Wagner, bank spokeswoman, said letters were sent to customers Nov. 30. The branch is at 202 E. Emma Ave.

She said Bank of America is constantly evaluating branch activity.

At A Glance

Master Plan

Downtown Springdale’s contract with Alta Planning and Design for a master plan recommendation is for a maximum of $100,000. The city provided $34,000 and the Springdale Advertising and Promotion Commission and Public Facilities Board each gave $33,000.

Source: Staff Report

“The decision is primarily driven by transaction numbers. More and more customers are moving to mobile and online banking,” she said.

Customers are being directed to the nearest branch, which in Springdale is two miles away at 3144 W. Sunset Ave.

Wagner wouldn’t say how many customers and employees would be affected by the closure.

“When we do close down a branch we provide assistance to employees. Some will move to other openings at nearby branches,” she said.

Kent Hirsch, chairman of Downtown Springdale, said the closing is a disappointment.

Downtown Springdale is a grassroots organization working on the revitalization of the original downtown area of the town.

“I hate to see any business close in downtown. Let’s hope we can make a positive out of it,” he said. “It gives someone else an opportunity to come downtown.”

At A Glance

Bank Of America

Bank of America is an American multinational banking and financial services corporation headquartered in Charlotte, N.C. It’s the largest bank holding company in the U.S. by assets. As of 2010, it was the fifth-largest U.S. company in total revenue, as well as the third-largest non-oil company after Walmart and General Electric. In 2010, Forbes listed Bank of America as the 3rd biggest company in the world.

Source: Staff Report

The group hired Alta Planning and Design to create a redevelopment plan for downtown. The Portland, Ore., company is also the designer for the Razorback Greenway.

Hirsch said Bank of America’s departure from downtown shouldn’t impact the planning process.

“Maybe Alta will give us some ideas for the bank’s location,” he said.

Alta is tentatively scheduled to be in Springdale Jan. 16 for a presentation and public input session. Hirsch said he plans for the event to take place from 10 a.m. to 7 p.m. at the Jones Center.

Hirsch said he expects Alta representatives to have three proposals to choose from and he hopes community members will share their thoughts.

He said the process is slow but is happy to see things moving along.

“We’ve lost a lot of business already, and we need a turnaround,” Hirsch said.

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