Latest news with #NorthCarolina-based
Yahoo
4 hours ago
- Business
- Yahoo
BofA's head of branches: ‘Proximity is still important to people'
This story was originally published on Banking Dive. To receive daily news and insights, subscribe to our free daily Banking Dive newsletter. To Bank of America, it's become clear that 'you have to be proximate to your clients,' said Will Smayda, the lender's head of financial centers. 'They may or may not visit you,' he quickly added. But the bank's presence affirms its commitment to a community, and 'there's a brand value' with that, Smayda said. Even as 90% of the bank's client interactions now occur digitally, 'proximity is still important to people, and I think it will be, into the future,' he said during an interview last week. In May, the Charlotte, North Carolina-based lender said it planned to open 40 new branches by year's end, and 110 additional locations between 2026 and 2027. Bank of America has invested $5 billion in new and existing locations since 2016. The bank has about 3,700 branches across some 200-plus markets. Its branch count has shrunk by about 21% over the past 10 years; in 2015, the bank had about 4,700 branches. To get there, the bank has pursued what it calls 'consolidations,' Smayda said. 'What we'll find is two financial centers that we've had for decades may be supporting a neighborhood, and instead of heavily reinvesting in one or the other, we'll close both and put up a new building,' he said. In those new builds, the changed format features more space for conversations, and screens take the place of more static marketing. As its branch count has fallen and digital banking has become the norm, the bank's tally of consumer and small business customers has grown by about 47% in the past decade, and the assets those customers keep at the bank has climbed, Smayda said. But branches still have a place, and BofA isn't alone in its push to open more: JPMorgan Chase, PNC, Fifth Third and Huntington are among other banks pursuing meaningful branch expansion. Bank of America sees about 600,000 clients a day in its branches, and most new customers come to the bank through branches, Smayda said. 'A majority of that new client work happens in our financial centers, so they are crucial to us,' Smayda said of branches. 'We want to be there for when they make that decision, we want to make that easy for them.' Last year, the bank had about 10 million appointments with its customers, he said. As more basic banking functions are done online and physical locations become hubs for advice and in-depth information, professional services-type appointments are replacing the old transactional mode in branches, he noted. When asked whether he expects the branch total to continue dropping over time, Smayda said the bank will 'probably, net, continue to trend down a little bit' – though any slimming won't stem primarily from a need to cut costs. 'How many we keep, that'll be dictated by, really, client behavior,' he said. 'We'll adapt to what our clients need from us.' This month, the bank will open four branches in Boise. Idaho's population has swelled as residents of states like California migrated during the COVID-19 pandemic, with some movers being existing Bank of America customers, Smayda said. Boise is one of 20 markets where the bank has long had a presence, between its Merrill Lynch entity and commercial and business banking, 'but we've not had a consumer footprint,' he said. In a couple of years, Bank of America will do the same in Wisconsin, Louisiana and Alabama, although the bank hasn't shared dates or locations yet, Smayda said. In evaluating the viability of branches, Bank of America considers demographics all retailers do, he said. Is the community growing or shrinking? What businesses anchor the community? How is the community served today by the lender, if it's a market BofA is already in – or by competitors, if it's not? The answers to those questions determine the number of branches needed, he said. As far as measuring success once branches have opened, Smayda said the bank takes a close look at its existing clients, including, for example, commercial clients whose employees may need consumer banking. 'Do they choose to grow with us faster, because we now have a presence?' he said. The bank aims to become a top three financial services company in each market it's in. 'In the community, how quickly can we take market share?' he said. 'That is probably the single kind of unifying metric.' In places like Boise, Dallas or Charlotte, 'we have to keep up with these communities as they grow,' Smayda said. At the same time, the bank has customer bases it wants to retain and grow in existing areas, pointing to the importance of investing in legacy and newer growth markets. 'You've got to be both,' he said. Some new branches lack traditional banking services that have become less frequently used by customers today. Night drops or safe deposit boxes are 'not as interesting to today's business owners or today's clients,' Smayda said. 'We will sometimes open without them, and because it's not a service we've ever offered … it's not missed,' he said. Today's customers, Smayda noted, are more inclined to seek fraud protection or education. In any case, he said, branches are 'critical for the foreseeable future.' Recommended Reading Bank of America to open 150 locations through 2027 Sign in to access your portfolio
Business Insider
6 hours ago
- Politics
- Business Insider
The Marine Corps' oldest flying squadron flew its last Harrier jump jet flight as the unit's pilots ready to fly new F-35 stealth fighters
The Marine Corps will soon rebrand a storied aviation squadron as its pilots switch to a new jet designed for next-level warfare. Amid ongoing changes to the Corps, the North Carolina-based Marine Attack Squadron 231 will be renamed "Marine Fighter Attack Squadron 231." The squadron, identified as the service's oldest flying squadron, was formed just after World War I, and it adopted the Harrier jump jet in the mid-1980s. With VMA-231's rebranding, the unit's pilots will no longer fly the AV-8B Harrier, an aircraft known for its short and vertical take-off and landing capabilities. The Corps is doing away with the plane, preferring the new fifth-generation F-35B Lightning II Joint Strike Fighters. Marines fly the stealth jet's B variant built for short runways and big-deck amphibious assault ships. VMA-231, known as the "Ace of Spades," will be deactivated later this year and then reactivated as VMFA-231 in the next fiscal year. The aviation unit completed its last Harrier flight last Thursday at Marine Corps Air Station Cherry Point, according to a news release out Monday. "Everybody knows that VMA-231 is transitioning to F-35s," said the unit's commanding officer, Lt. Col. Paul Truog, stressing that the final Harrier flight was not a "sad day" and asserting that "the Wing, the [Marine Aircraft Group], and the squadron are going to be more capable of responding to any crisis." The Corps has already phased out training for the aviation mechanics responsible for Harrier engine maintenance and for Harrier pilots amid the push to field fifth-generation fighters. In previous discussions with BI, Marine pilots have characterized the newer F-35 as a game-changing capability. The changes come as the Corps remains deep in its transformation, a process to move from fielding a force built to fight counterinsurgencies to one made for modern warfare in the Pacific. It's a shift made all the more difficult by major logistical hurdles in the region and fast changing battlefields being radically shaped by AI and drone technology. Along with the Harrier, the Corps has put F/A-18 Hornets on the chopping block to make way for the F-35. The Hornet made up over half of the Corps' tactical air capabilities in 2022, according to and has been a go-to aircraft for the Marines and the Navy for both offensive and defensive needs. But there's a growing recognition that future fights could demand next-generation capabilities. In its statement on changes to VMA-231, the Marine Corps said "the squadron's transition from the legacy AV-8B Harrier II to the F-35B Lightning II Joint Strike Fighter is representative of 2nd MAW's ongoing modernization efforts to meet the needs of the future fight," referring to the 2nd Marine Air Wing. The Corps' "Force Design" plans, announced in 2020 amid much controversy, has already seen the service scrap its scout sniper program and tanks in an all-out effort to shed any capability deemed less urgent for the Pacific, and it has also rolled out new units in Hawaii and Japan specially formed for fighting along the Pacific's formidable island chains.
E&E News
12 hours ago
- Business
- E&E News
Supreme Court requests DOJ input in utility antitrust petition
The Supreme Court is asking for the Justice Department's input on whether it should take up an antitrust case involving two southern utilities that could have broader implications for how courts evaluate business competition. On Monday, the justices invited Solicitor General D. John Sauer to file a brief on the case Duke Energy Carolinas v. NTE Carolinas II LLC. Duke Energy is aiming to overturn a 2024 lower bench ruling finding that a combination of actions the electric power company had taken involving Florida-based power supplier NTE could qualify as anticompetitive. At least four justices have to vote to take up a case. The solicitor general's view of the dispute's nationwide significance can be an important factor in deciding whether the justices will grant a petition. Advertisement The North Carolina-based company claims that a decision allowing a 4th U.S. Circuit Court of Appeals ruling to stand could revive a dormant legal theory that could open the door to more litigation among competing companies.
Yahoo
a day ago
- Business
- Yahoo
Braxton Brewing Co. to take over Hi-Wire Brewing's Norwood taproom at Factory52
Braxton Brewing Company is taking over Hi-Wire Brewing's taproom in Norwood, making it the the fifth location in the growing craft brewer's portfolio. Covington-founded Braxton Brewing will transition the Hi-Wire's taproom at Factory52 into one of its own after both companies made the "mutual growth transition," according to a news release. The taproom will be temporarily closed until sometime in June for renovations. Braxton Brewing said it will retain current Hi-Wire employees from the Factory 52 location and several Hi-Wire beers will remain on tap. In addition, Braxton Brewing is taking over the green-space and full-service bar in front of the brewery, which they are calling The Porch. The brewery plans to continue offering family-friendly programming and events in the green space, including movie nights and pop-up events. The departure of Asheville, North Carolina-based Hi-Wire's northernmost taproom comes after Hurricane Helene destroyed much of the brewery's headquarters, flagship taproom and distribution warehouse in September 2024. "We had to look at our business and figure out the best path forward without knowing how we would recover from the flood," Hi-Wire co-founder Adam Charnack said in the news release. "We had to think about how to ensure the health of the business, and that meant making some hard choices." Hi-Wire opened its Cincinnati-area taproom in 2023, following expansions across North Carolina and in Louisville, Kentucky; Knoxville, Tennessee; and Nashville. Braxton Brewing recently opened a new location in Union, Kentucky in November. This article originally appeared on Cincinnati Enquirer: Braxton Brewing Co. coming to Norwood with takeover of Hi-Wire Brewing
Business Journals
4 days ago
- Business
- Business Journals
PG&E takes new approach to upgrade local power
PG&E is deploying an advanced power flow control technology at its Los Esteros electric substation in San Jose. The installation of North Carolina-based Smart Wires' SmartValve will boost capacity by more than 100 megawatts (MW) at the substation, which is located adjacent to new data centers under development in the Alviso community of San Jose.
