One of Chapel Hill’s most central banks will soon close.
Bank of America, located at 137 E. Franklin St. — near R&R Grill and across the street from Sugarland Bakery — has announced that it will no longer operate from its downtown location beginning Sept. 28.
Nicole Nastacie, spokeswoman for the Franklin Street bank location, said that Bank of America often reorganizes the services it provides if it determines that customers are not satisfied.
An email forwarded to the Chapel Hill Town Council from Ken Pennoyer, the town’s business management director, said the bank plans to install storefront ATMs across the street from its current location.
Pennoyer wrote in an email to the council that the bank wants to close partly because it could not negotiate a smaller space in the building where it is currently located.
Nastacie said customers can still go to the two other Chapel Hill locations, at 104 E. Main St. or the University Mall location at 851 Willow Drive for the same consumer banking services offered at the Franklin Street location.
Because Bank of America only leases the space, Nastacie said the bank will not have any role in filling the space after it leaves.
The space is managed by Franklin Street Plaza Ltd.
Bobby Funk, assistant director of the Chapel Hill Downtown Partnership, said he’s unsure what kind of impact the bank’s closing will have on nearby retailers.