Bank of America to close Stamford branch

Connecticut’s largest bank is planning to close one of its Stamford branches. 

Bank of America has notified the federal Office of the Comptroller of the Currency it plans to shutter its Stamford branch at 417 Shippan Ave. 

As of June 30, 2022, the branch held $121.8 million in deposits, by far the lowest amount of Bank of America’s six Stamford branches, according to Federal Deposit Insurance Corp. data.

Bank of America has long been Connecticut’s deposit market share leader — by a wide margin. As of June 30, 2022, the North Carolina banking behemoth with $3.1 trillion in assets controlled $44.7 billion, or nearly 25% of Nutmeg State deposits, according to FDIC data.

Webster Bank ranked No. 2 in the state with $25.9 billion in Connecticut deposits. 

Bank of America reported 90 Connecticut branches as of June 30, 2022, according to FDIC data.