BofA expands in Louisiana as part of national growth strategy, plans to open five financial centers in New Orleans in 2025
NEW ORLEANS, June 28, 2023 /PRNewswire/ -- Bank of America has named Jonathan Matessino president of Bank of America New Orleans/Baton Rouge. As president, Matessino 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.
Matessino will support Bank of America's growth in Louisiana and retail expansion into New Orleans as a new retail market. Five new financial centers are targeted to open in 2025, with a total of ten branches in the long term. The expansion into New Orleans 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 100,000 clients throughout New Orleans and Baton Rouge who will now have more access to the company's full array of financial services.
"Jonathan has established deep relationships with teammates and clients in the Louisiana community 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 New Orleans and Baton Rouge and deliver the full breadth of Bank of America's capabilities to help our local clients improve their financial lives."
Matessino joined the company in 2015, most recently serving as senior relationship manager, Global Commercial Banking, and brings nearly 25 years' experience in the financial services industry. He focuses on expanding the local client base, while working to integrate the bank more fully with our long-standing Merrill presence in Louisiana. In his role as president, Matessino will lead the 200 employees throughout New Orleans and Baton Rouge who are actively engaged in supporting their local community.
Matessino demonstrates a strong commitment to the Louisiana community and is passionate about supporting workforce development and training needs that will help the region attract, retain and expand businesses and create jobs with family sustaining wages.
The retail entrance into New Orleans 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 New Orleans will open in 2025. 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 new markets like New Orleans/Baton Rouge 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 $58 million in loans to small businesses and $1.1 billion to commercial business clients.
Since 2018, Bank of America has invested nearly $550,000 in New Orleans/Baton Rouge 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 New Orleans 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
