Update: Bank of America closing in Scituate, Rumford
3:09 PM Thu, May 07, 2009 | Permalink
Email
 |
 |
Projo 7 to 7 News BlogTaking the news pulse of Rhode Island and Southeastern Massachusetts, by Providence Journal and projo.com staff, from 7 to 7, every business day |
|
Get the 7 to 7 on your mobile at www.projo.com. Twitter: projo | RSS | Email alerts
« Pawtucket store sells $1 million PowerBall ticket |
Main
| Twin River kennel owners seek hearing on suspension »
Bank of America will be closing branches in Scituate and Rumford in July, according to a bank spokeswoman. The Bank of America branch in Rumford, located at 330 Newport Ave., is scheduled to close July 17, according to Anne Pace, the bank spokeswoman. The Scituate branch, located on ">135 Danielson Pike, will close July 24, Pace said. No other closings in Rhode Island are scheduled, Pace said. The closings are part of a consolidation, she said. "We look at the location of all banking centers, their conditions and volume of business and make a decision whether to consolidate," she said. Pace said that Bank of America is working with the employees of the branches 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 in Scituate, Pace said. The banks closest to the Rumford bank that will close are located at 1455 Newport Ave. in Pawtucket and 88 Beechwood Ave. in Pawtucket. "This is an ongoing process," Pace said, "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. The original version of this story was posted at 11:38 a.m. 
CommentsLeave a commentPlease be civil. Vicious comments, personal attacks and profanity won't be published. Name and email are required; email address will not publish. |
Tags 
New comments
New photos
New posts
Projo blogs
Archives
UM HELLO BANK OF AMERICA IS NOT THE ONLY INSTITUATION IN SCITUATE! WHO CARES IF THEY CLOSE!
Report Abuse