Bank of America’s downtown Santa Monica financial center is preparing to close as the city moves forward with redevelopment plans that will convert the site into affordable housing.
The branch, located at 1301 4th Street, is expected to shut its doors sometime before spring 2026 when its lease on the city-owned parcel expires. While Bank of America had requested a five-year lease extension, the Santa Monica City Council voted in February 2025 to reclaim the property for new housing development as part of the city's 6th Cycle Housing Element commitments.
However, the decision does not mark the end of Bank of America’s physical presence in the downtown district. Tamira Rivas, VP Financial Center Manager for the downtown branch told the Daily Press that another site close by had been chosen, but sadly that deal fell through, so as of April 25, the bank is still looking. Rivas also said that all staff would automatically move to the new location.
The move follows broader trends in the banking industry as more customers shift to online and mobile banking platforms. Nationally, Bank of America has been consolidating branches to adapt to changing customer behavior, having closed 41 locations across the country in just the first two months of 2024.
In Santa Monica, however, local redevelopment priorities accelerated the closure decision. City officials indicated that while they valued the bank’s lease revenue, creating affordable housing in the city’s dense downtown area outweighed financial considerations.
Affected customers will receive formal notice of the closure well ahead of 2026, typically with a 90- to 120-day advance warning based on Bank of America’s standard procedures. Accounts held at the 4th Street branch will be temporarily transferred to nearby Bank of America locations, such as the branches at 1430 Wilshire Blvd or 287 26th Street. Customers with safe deposit boxes will receive instructions on retrieving their contents.
Rivas said that Bank of America representatives will continue to offer support throughout the transition, encouraging clients to utilize nearby branches, online banking services, and the bank's mobile app to meet their financial needs. In line with previous branch closures, customer accounts will remain fully accessible, with minimal service disruptions anticipated.
Santa Monica city officials have emphasized that the redevelopment of the 4th and 5th Street block, which also houses a Chase Bank, is critical for meeting state-mandated housing production targets. Both banks are expected to vacate the properties by mid-2026, paving the way for a major affordable housing project in the heart of downtown.
The closure of the downtown Bank of America branch marks a significant shift for the community, as the once-bustling financial center makes way for new residential development aimed at addressing the region’s housing crisis.
Further updates and specific customer instructions are expected as the closure date approaches.
scott.snowden@smdp.com
