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Bank of America Corporation

05/13/2019 | Press release | Distributed by Public on 05/13/2019 08:01

Bank of America Details Expansion Plans in Salt Lake

Bank of America announced that it has opened its first full-service financial center in Salt Lake City, bringing banking, investing, lending and small business services to new and existing clients in the area. The Draper financial center serves as a destination to provide clients easy access to expert advice for all their financial needs.

The new financial center, located at 1222 E. Draper Parkway, is state-of-the-art and showcases the newest technology including advanced ATMs; private offices for one-on-one client assistance; on-site specialists, including Merrill financial solutions advisors; and Bank of America lending officers and small business bankers who work as one team to understand a client's unique circumstances and personal goals to provide the guidance and advice they seek.

The bank plans to open 10 financial centers and place 45 ATMs in the Salt Lake area over the next two years. With additional locations opening in the coming months throughout the greater Salt Lake area, Bank of America will expand its Utah presence to the Provo and Ogden areas as well. This expansion reflects Bank of America's continued investment in its financial center and ATM network, and is part of the company's previously announced plans to open 500 financial centers across the country in markets that include Utah, Pittsburgh, Indianapolis, Cleveland, Cincinnati, Columbus, Ohio and Lexington, Kentucky.

'By bringing a greater array of financial services to Salt Lake City, we're able to provide the full breadth of our capabilities and tailor solutions to the unique needs of the many clients we serve in the area,' said Mori Paulsen, Bank of America Salt Lake City market president. 'The upscale look and feel, as well as the capabilities, we offer in our financial centers make them destinations that support the life priorities of our Salt Lake area clients.'

Bank of America Private Bank

Bank of America Private Bank also announced the opening of a new office in Salt Lake City to provide custom investment management, wealth structuring, estate planning, philanthropy, private business financing, banking, credit and trust service solutions to high net worth individuals, families and institutions. The new office will be led by Jesse Turley, private client advisor, under the leadership of market executive Brian Wineke, and supported by a team of seasoned trust, investing and wealth strategy professionals. The Salt Lake City office is located at 60 E. South Temple St., Suite 595, and the Private Bank will look to expand the office by hiring additional associates throughout 2019.

'Utah is experiencing considerable growth, in terms of population and wealth. By bringing in our best professionals, we will be able to better serve local clients and the growth of the Utah market,' said Wineke. 'The Private Bank is centered on the enduring relationships between our private client advisors and our clients, and with Bank of America, clients have access to even more resources and bank offerings to help them with all aspects of their financial lives.'

Bank of America has a long-standing history of serving the Salt Lake City community, providing retail, commercial and business banking, as well as wealth management services through Merrill Lynch, to more than 56,000 Salt Lake-area clients since at least the 1940s. The region's thriving economy presents an exciting opportunity to build on an existing client base and develop relationships with new clients by connecting them with the full suite of the bank's financial services.

At least 90 jobs will be created in the Salt Lake area to support clients. Bank of America recently announced that it will raise its minimum wage to $20 per hour, in increments, over a two-year period. The company also subsidizes approximately 75 percent of employee health care costs, which means Salt Lake-area employees will also be eligible for benefits that have an average value of almost $17,000. The firm also offers matching 401(k) contributions of up to 5 percent and annual company contribution of up to 2 percent of pay after one year with the company.

Bank of America was recently recognized as one of the '100 Best Companies to Work For' by Fortune magazine and the global research and consulting firm, Great Place to Work®. It was also recognized as the only financial services company on Fortune's inaugural 'Best Big Companies to Work For' list, which recognizes seven companies with more than 100,000 U.S.-based employees that passed the Great Place to Work® Certification bar.

'Our employees are committed to helping clients with their financial needs throughout their lifetimes and delivering extraordinary client care at all times, as well as helping the greater Salt Lake community continue to thrive,' said Paulsen.

For additional information on the Draper financial center and existing ATMs in the market, please visit bankofamerica.com.

Bank of America Private Bank
Bank of America Private Bank is a leading private wealth management organization providing vast resources and customized solutions to help meet clients' wealth structuring, investment management, banking and credit needs. Clients are served by teams of experienced advisors offering a range of financial services, including investment management, financial and succession planning, philanthropic and specialty asset management, family office services, custom credit solutions, financial administration and family trust stewardship. Bank of America Private Bank has more than 4,000 professionals and maintains 93 offices in 31 states. As part of Bank of America, it can provide access to a broad range of banking solutions for individuals and businesses, and an extensive retail banking platform.

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 66 million consumer and small business clients with approximately 4,400 retail financial centers, including approximately 1,800 lending centers, 2,200 financial centers with a Consumer Investment Financial Solutions Advisor, and 1,500 business centers; approximately 16,400 ATMs; and award-winning digital banking with more than 37 million active users, including over 27 million mobile 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 owners 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 approximately 35 countries. Bank of America Corporation stock (NYSE: BAC) is listed on the New York Stock Exchange.

For more Bank of America news, including dividend announcements and other important information, visit the Bank of America newsroom. Click here to register for news email alerts.

www.bankofamerica.com

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Reporters May Contact:
Britney Sheehan, Bank of America, 1.425.467.9744
[email protected]