Bank of America to close downtown Lynchburg branch

Bank of America will close its downtown Lynchburg branch on Dec. 11th.

Bank spokeswoman Nicole Nastacie confirmed on Tuesday that the bank will close its location at 801 Main St. Customer accounts will be moved to the Langhorne Road location, a little more than two miles away.

Bank of America is working to place the employees of the Main Street branch at other locations, she said. The company does not release the number of employees at specific locations.

It will be the second location the bank has closed in the city this year, leaving three local branches still open. Nationwide, Bank of America has closed about 131 banking centers in the past 12 months.

“The consolidation helps bring banking center coverage in balance with market opportunity,” Nastacie said in an e-mail Tuesday. “We continually optimize our network to improve overall distribution and customer satisfaction, while maximizing our investment dollars.”

Nastacie gave an identical statement in August when Bank of America closed its Boonsboro Road branch.

Customer accounts also were moved to the Langhorne location when the bank closed on Boonsboro Road. Nastacie said in August that the Boonsboro employees were transferred to other locations.

One of the largest banks in the nation, Bank of America was deeply impacted by the financial crisis in 2008. In the fourth quarter that year the company lost about $1.8 billion. The bank accepted $45 billion in bailout funds from the Troubled Asset Relief Program that became law about one year ago.

Lynchburg real estate agent Jane Blickenstaff bought the former bank building on Boonsboro Road for $425,000 in September. She plans to move her real estate offices there in November.

While she was working on the purchase, bank officials told her that fewer branches are needed in part because so many customers bank online or at ATMs. She said she agrees.

“I can’t remember the last time I walked into a bank,” she said.

Because the building was sold via sealed bids, she thought she had no chance to get it. “I figured if a bank wanted it, they would get it,” Blickenstaff said. “… A bank could possibly pay more money for it.”

Blickenstaff said she is having the building renovated. She plans to keep the covered drive-up area where a bank could place an ATM kiosk. She has talked to representatives from two banks that could rent the space, she said.

As of Sept. 30, Bank of America had 6,008 branches, compared to 6,139 branches one year earlier, its latest financial report shows.

The bank’s Web site shows that it still has branches on Timberlake Road, Wards Road and Langhorne Road.