Bank of America held a grand opening Tuesday of its new financial center on Union Avenue in Midtown Memphis.
The opening of this center further expands Bank of America’s retail banking, lending and small business services in Memphis, along with investing and personalized financial guidance through Merrill (formerly Merrill Lynch), said Trevia Chatman, president of Bank of America Memphis.
Since 2016, Bank of America has invested more than $5 billion in its financial center network — opening new locations and renovating existing centers — including more than $11.3 million in Memphis, Chatman said. The bank plans to invest more than $6 million more in the next two years.
“The new financial center showcases the latest technology, private offices to assist clients one-on-one and on-site financial specialists who work as one team to understand each client’s priorities and goals, and to provide personalized guidance,” said Mohammed Aiyedogbon, Bank of America consumer banking market lead.
With more than 90% of client interactions taking place online, the bank’s financial centers have adapted to focus on meeting spaces where clients can have in-depth conversations about their finances, Aiyedogbon said.
“The Union Avenue financial center demonstrates our continued commitment to helping Memphians thrive, including our clients, teammates and the community,” Chatman said. “This opening marks Bank of America’s steadfast confidence in future economic development and growth in Memphis. We are dedicated to meeting the needs of clients where they are — both geographically and at every stage of their financial journey.”
Bank of America’s investments in the Memphis community include:
- Providing $1.4 million in grants and sponsorships to address education, workforce development, the arts and affordable housing in 2024, including Big Brothers & Big Sisters and MIFA.
- Providing a $500,000 anchor grant to the National Civil Rights Museum in 2025.
- Hiring a new consumer banking lead and a new community relations manager in 2025.
- Providing a $250,000 anchor grant to the Memphis Brooks Museum of Art in 2024.
- Providing $50,000 Neighborhood Champion grant to Collage Dance Collective in 2024.
- Offering Museums on Us – free admission to the National Civil Rights Museum on the first Sunday of the month for Bank of America cardholders.
- Introducing Golf with us, a partnership between Bank of America and Youth on Course, with 230-plus Memphians ages 6 to 18 registered to access five golf courses in Memphis for $5 per round.
- Having an Operation Hope counselor and team of Better Money Habits Champions provide financial education and wellness to Memphians.
- Serving 500,000 households in Memphis.
“Bank of America has provided $445 million in loans to commercial businesses in Memphis and $20 million in home loans to families in Memphis,” Chatman said.
Since 2020, Chatman added, Bank of America has invested $7.1 million in Memphis through grants to local nonprofits and employee matching gifts. In the same time period, employees volunteered 15,000 hours and contributed $2.2 million to local nonprofits and community needs, a portion of which was matched by the Bank of America Charitable Foundation.
