Bank of America, the nation’s second-largest bank, is expanding its footprint in Louisiana with plans to open two branches next year — its first ever in the state.
The new locations — one in New Orleans, the other in Covington — are the first of eight retail branches that the Charlotte, North Carolina-based banking giant hopes to eventually open over the next few years in the Greater New Orleans area, a move that promises to inject fresh competition into the market.
Bank of America already has a presence in Louisiana through its commercial banking office in the Pan American Life Center in downtown New Orleans. It also has seven locations around the state of its Merrill division, the wealth and investment management subsidiary it purchased shortly after the 2008 financial crisis. Jonathan Matessino, the bank’s market president for New Orleans and Baton Rouge, said Bank of America’s success with those two business lines has demonstrated the demand for more retail banking services…