Bank of America closing State Street branch

New London - Bank of America confirmed today that it plans to close its branch at 250 State St. in downtown as part of a cost-reduction strategy in which at least 750 banking centers nationwide will shut down.

P.J. Crawford, a Bank of America spokesman, said letters went out to customers last week informing them of the branch closure Aug. 17. He added that customers will be directed to two other full-service Bank of America branches in New London and Waterford that are each within 2 miles of the downtown banking center.

"Because of the foot traffic and other metrics, it doesn't make sense to operate two banking centers so close to one another," Crawford said in a phone interview.

The stately downtown building, which Bank of America acquired when it bought Fleet Bank in 2004, will be put up for sale, Crawford added.

Bank of America policy is to not reveal how many bank employees will be laid off, but Crawford said those affected would be given assistance or other opportunities within the company.

Crawford said bank branches are constantly under review and that closures are decided on a case-by-case basis.

Bank of America has about 5,700 branches nationwide and 150 in Connecticut.

A filing with the U.S. Office of the Comptroller of the Currency, available online, showed that it received notice of Bank of America's intention to close the State Street branch May 4.