Projo Biz Blog

By Tatiana Pina
Journal staff writer

SCITUATE, R.I. -- The Bank of America branch on 135 Danielson Pike will close July 24, according to a bank spokeswoman.

The closing is part of a consolidation, said Anne Pace, the bank spokeswoman.

"We look at the location of all banking centers, their conditions and volume of business and make a decision whether to consolidate. There are two other (Bank of America) banking centers within a few miles," she said.

Pace said that Bank of America is working with the employees of the branch to try to locate them at other banking centers. She would not say how many people work there.

Bank of America customers will be transferred to the Bank of America nearest to them, Pace said. There is a Bank of America at 1491 Atwood Ave. in Johnston and one at 440 Putnam Pike in Greenville, each about four miles of the bank that is closing, Pace said.

Pace said, "This is an ongoing process and a normal part of business to ensure that we have the appropriate level and mix of stores and ATMs in each market."

According to New York Times and Wall Street Journal reports, the government is expected to announce today that the Charlotte, N.C.-based bank needs $34 billion in capital based on the results of its "stress tests" on 19 of the nation's largest financial firms.

The stress tests are being used to determine how banks would fare if economic conditions worsened. Banks found to need more capital based on potential future losses will be required to address the capital situation immediately to ensure they have the necessary protection if the economy worsens. Banks will have an opportunity to raise the funds on their own before the government steps in to help support them.

(With Associated Press reports)

 Tags  Bank of America Scituate RI

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