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BOA to Close Some Branches in NJ

Customers’ accounts will be transferred to nearby branches.As part of its market evaluation strategy, Bank of America (NYSE: BAC) plans to close some branches in New Jersey by February. The number of branches was not confirmed. Customers’ accounts will be transferred to other branches within close proximity, said Ernesto Anguilla, the bank”s spokesman in Boston. He said customers will be notified of the transfers within 90 days of the closings.

“We are constantly evaluating our distribution network. We look at changing market conditions, retail development and our customers’ banking habits to ensure we are optimizing our network while improving customers’ experience,” Anguilla said.

He added that the company typically closes branches if they are underutilized or if there are multiple banking centers in close proximity.

The bank also has plans to renovate some New Jersey branches. It recently opened a branch in Paterson and plans to open more in Hamilton and Linden in 2006. The Dow component’s stock slipped 5 cents to $44.92 in the morning.

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