BofA expands in Omaha as part of national growth strategy, plans to open five financial centers by 2025
OMAHA, Neb., June 28, 2023 /PRNewswire/ -- Bank of America has named Craig Korkow president of Bank of America Omaha. As president, Korkow will assume the responsibilities for connecting banking and investment resources offered through the bank's eight lines of business to people and companies across the region. He will also lead the effort to deploy Bank of America's resources to help advance economic mobility and build strong communities, as well as support the health, safety and engagement of local employees.
Korkow will support Bank of America's growth in Omaha as a new retail market, including opening five of eight planned new financial centers by 2025, beginning with two locations in 2023. The expansion in Omaha brings retail banking, lending and small business services to local clients, building on existing investing and personalized financial guidance from Merrill and the support it offers businesses through Business and Commercial Banking services. Bank of America currently serves 50,000 clients throughout Omaha who will now have more access to the company's full array of financial services.
"Craig has established deep relationships with teammates, clients and the Omaha community for more than 20 years and personifies Bank of America's commitment to stakeholder service," said Brian Moynihan, Bank of America chairman and CEO. "He is well positioned to grow our presence in Omaha and deliver the full breadth of Bank of America's capabilities to help our local clients improve their financial lives."
In addition to his responsibilities as president of Omaha, Korkow serves as resident director for Merrill Wealth Management, working with clients to design and implement detailed retirement plans. He joined the company in 2000 after graduating summa cum laude from South Dakota State University. Korkow began his career in the U.S. Army, achieving the rank of Captain before joining Merrill.
Korkow demonstrates a strong commitment to the Omaha community and is passionate about helping young people achieve their goals through his work with the Rough N' Ready Challenge Rodeo program for children with special needs and the Omaha River City Rodeo focused on youth in rodeo. He also volunteers regularly with the United Way of the Midlands and serves as a mentor to teammates. In his role as president, Korkow will lead the 70 employees in Omaha who are actively engaged in supporting their local community.
The retail entrance into Omaha reflects the company's continued growth and modernization efforts across its financial center and ATM network. It is part of the bank's recently announced plans to expand in nine markets: Omaha, Neb.; Milwaukee, Wis.; Louisville, Ky.; Birmingham, Ala.; New Orleans, La.; Madison, Wis.; Boise, Idaho; Dayton, Oh.; and Huntsville, Ala.
Bank of America's first financial centers in Omaha will be located at 8510 W Dodge Rd. and 13255 W Center Rd., opening in the third and fourth quarter of 2023 respectively. The new financial centers will showcase the latest technology, private offices to assist clients one-on-one, and on-site specialists including financial solutions advisors, lending officers and small business bankers who work as one team to understand a client's unique priorities and goals and provide personalized guidance.
"Expanding our presence in markets like Omaha allows us to continue to provide our clients with the capabilities and services they need to be successful," said Aron Levine, President of Preferred Banking at Bank of America. "Our goal is to continue to connect clients with financial specialists and deliver unique experiences focused on advice, education and best-in-class digital solutions that are tailored to meet the needs of each community and client."
By expanding its retail footprint in the area, Bank of America is building on the $23 million in loans to small businesses and $720 million to commercial business clients.
As part of the Bank of America Community Homeownership Commitment®, the bank is extending its Down Payment Grant to the Omaha community, which can be used with existing closing cost grants. Bank of America's Community Homeownership Commitment aims to make homeownership more affordable and sustainable through low down payment mortgages; down payment and closing cost grants; and financial education tools.
Since 2018, Bank of America has invested nearly $300,000 in Omaha through grants to local nonprofits, employee matching gifts and scholarship programs.
With the opening of the new financial centers over the next two years, Bank of America will create new jobs in Omaha ranging from entry level to specialty roles. Bank of America announced that it would raise its minimum wage to $25 an hour by 2025, up from $22 an hour today.
Bank of America
Bank of America is one of the world's leading financial institutions, serving individual consumers, small and middle-market businesses and large corporations with a full range of banking, investing, asset management and other financial and risk management products and services. The company provides unmatched convenience in the United States, serving approximately 68 million consumer and small business clients with approximately 3,900 retail financial centers, approximately 15,000 ATMs and award-winning digital banking with approximately 56 million verified digital users. Bank of America is a global leader in wealth management, corporate and investment banking and trading across a broad range of asset classes, serving corporations, governments, institutions and individuals around the world. Bank of America offers industry-leading support to approximately 3 million small business households through a suite of innovative, easy-to-use online products and services. The company serves clients through operations across the United States, its territories and more than 35 countries. Bank of America Corporation stock (NYSE: BAC) is listed on the New York Stock Exchange.
For more Bank of America news, including dividend announcements and other important information, visit the Bank of America newsroom and register for news email alerts.
Reporters May Contact:
Diane Wagner, Bank of America
Phone: 1.312.992.2370
diane.wagner@bofa.com
Andy Aldridge, Bank of America
Phone: 1.980.387.0514
andrew.aldridge@bofa.com
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SOURCE Bank of America Corporation
