BofA expands in Louisville as part of national growth strategy, plans to open five financial centers starting in 2024
LOUISVILLE, Ky., June 28, 2023 /PRNewswire/ -- Bank of America has named John L. Gardner president of Bank of America Kentucky. As president, Gardner 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.
Gardner will support Bank of America's expansion across Kentucky, including opening ten new financial centers in Louisville, with five expected to open beginning in 2024. The expansion into Louisville 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 155,000 clients across Kentucky who will now have more access to the company's full array of financial services.
Bank of America opened its first Kentucky financial centers in Lexington in 2021. As part of its most recent expansion, Bank of America has opened three Lexington centers and has plans for more locations.
"John has established deep relationships with teammates, clients and his community," said Brian Moynihan, Bank of America chairman and CEO. "He is well positioned to grow our presence in Kentucky and deliver the full breadth of Bank of America's capabilities to help our local clients improve their financial lives."
Gardner joined the company in 2019, most recently serving as a managing director with Merrill Wealth Management and brings over 30 years' experience in the financial services industry. In this role, he draws on his prior experience as a financial advisor and several market leadership roles over his tenure.
Gardner demonstrates a strong commitment to his community, completing two terms on the Federal Reserve Bank of Cleveland's Local Business Advisory Council and currently serving as a member of the Lexington Philharmonic Foundation Board. In his role as president, Gardner will lead the 260 employees throughout Louisville and Lexington who are actively engaged in supporting their local community.
The retail entrance into Louisville 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 Louisville will open in 2024. 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 Louisville 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 $33 million in loans to small business and $884 million to commercial business clients.
Since 2018, Bank of America has invested nearly $355,000 in Louisville and Lexington 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 Kentucky 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.
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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
