Bank of America is planning to open a branch on the far northwest side of Milwaukee as the financial services company expands into the Milwaukee market.
In June, Charlotte, North Carolina-based Bank of America said it
planned to open five financial centers in the Milwaukee area and three in the Madison area in 2025, but did not specify locations.
According to plans presented at the Granville Advisory Committee on Wednesday, one Bank of America branch is to be located at 7630 Good Hope Road, which is northwest of the intersection of Good Hope Road and North 76th Street.
The site currently has a vacant building, formerly occupied by Yen Ching Chinese Restaurant. Bank of America wants to demolish that building to make way for it to build a new financial center.
The 4,300-square-foot building will have a "typical bank layout" with a teller desk, seating area and private offices. There will also be two 24-hour drive-up ATMs.
"We bring intellectual expertise to help people understand how to purchase a home, establish credit, saving, etc.," said Felicia Lewis, financial center regional executive.
The branch will be built to support Bank of America's Community Banking Programs, which includes things like accounts with no overdraft fees, small-dollar loans, support for women and diverse entrepreneurs, as well as other community outreach.
"Our goal is to make financial lives better," Lewis said. "This won't be a one and done commitment for us."
The Granville Advisory Committee voted to support the project. Construction could begin in about nine months and be completed in 2025.
