Bank of America Entering Milwaukee At 76th and Good Hope

Conceptual rendering of a Bank of America financial center/branch. Rendering from IA Interior Architects.

One of the country’s largest banks is making a foray into the Milwaukee market.

Bank of America plans to open five modern branches, which it calls “financial centers,” in Milwaukee.

The first entry is planned for the city’s Northwest Side near the intersection of N. 76th St. and W. Good Hope Rd.

“This won’t be a one-and-done for us,” said Felicia Lewis, regional executive for expansion markets, to the Granville Advisory Committee Wednesday morning.

A new building will replace the shuttered Yen Ching restaurant, 7630 W. Good Hope Rd. The restaurant closed in 2020.

Without disclosing specific locations, the Charlotte-based bank announced in June it plans to open five banks in Milwaukee and three in Madison by 2025. They will be the first Bank of America branches in Wisconsin. It’s also entering three other states as part of an expansion into Omaha, Louisville, Boise, Birmingham, New Orleans, Dayton, OH and Huntsville, AL.

“In every community, we are committed to growing sustainably and reliably,” said Lewis.

The “financial center” concept is focused on creating branches that have accessible office and meeting spaces as well as customer-facing technology. The bank expects to have approximately 3,900 branches by the end of 2023, all of which will follow its financial center model.

Project architect Zak Klobucar of IA Interior Architects said the first Milwaukee facility would have “kind of a typical bank layout,” with 24-hour ATMs accessible outside, a drive-thru and access to bank personnel inside. Plans presented to the advisory committee included a 4,320-square-foot structure on a 40,617-square-foot lot.

“We bring financial centers to the community,” said Lewis. “Our goal is to make financial lives better.” She said the bank’s expansion into Cleveland resulted in $5 million in grants and 42,000 volunteer hours by bank employees.

Lewis detailed several services the bank provides, including a SafeBalance no overdraft bank account, a credit card targeted at helping customers grow their credit score, financial counseling and a pathway program that provides careers with the financial institution.

The commission unanimously endorsed the proposal, which is still subject to the city’s zoning review process.

“This is a brilliant plan,” said committee member Robert Dodds. “I would like to see more of this happening here in Milwaukee as well as across the country.”

By assets, Bank of America is the second largest bank in the United States. Its nearest branches to Milwaukee are currently in northern Illinois.

The Yen Ching property was previously targeted for demolition and redevelopment into a Taco John’s fast food restaurant. No permit requests were filed after a preliminary plan review was submitted in June 2022. A limited liability company affiliated with Ashraf Khaled acquired the property in November 2020 for $530,000. Starting in 2021, it was listed for $679,000 with real estate firm Founders 3.

The new building will be located across W. Good Hope Rd. from Good Hope Library, which opened in 2020, and just west of a new Planet Fitness gym and a planned Children’s Hospital of Wisconsin clinic.

Site and Conceptual Renderings