Bank of America is coming to the Milwaukee area with 5 sites--including a North Shore location

Bank of America, among the nation's largest financial networks, plans to develop a North Shore location that would anchor a new building that includes apartments.

The 3,500-square-foot bank would be at 131 W. Silver Spring Drive, Whitefish Bay, under a proposal recently approved by the village Plan Commission.

Bank of America would be on the street level of a three-story mixed-use development.

The building, proposed by developer Thomas Schafer, would include 16 apartments, 1,500 square feet of additional commercial space, and 28 spaces of underground parking. There also would be eight covered surface parking spaces for the bank.

The development is to replace a two-story apartment building.

The bank doesn't require additional village approvals. But the larger building it would anchor does require review by the Architectural Review Commission as well as Community Development Authority approval, said Paul Boening, village manager.

Charlotte, North Carolina-based Bank of America plans to open five locations, which it calls "financial centers," in the Milwaukee area in 2025, along with three Madison locations.

That's according to a June 2023 announcement − which didn't provide details on those locations. Milwaukee officials last year approved a Bank of America branch at 7630 W. Good Hope Road.

A Bank of America media representative couldn't be immediately reached Monday for more information.

The Whitefish Bay location is near several other newer banks and credit unions that have opened on Silver Spring Drive, in Whitefish Bay, and on nearby Port Washington Road, in Glendale.

Those branches keep opening even as more Americans use websites and smart phone apps to pay bills, deposit checks and transfer cash.

Bank of America said last year its expansion to Wisconsin is part of growth plans that will place it in more than 200 markets across 39 states by 2026.

"Although more clients are using our digital banking capabilities, many still visit our centers for in-person conversations about some of their more complex financial needs," said Aron Levine, Bank of America president of preferred banking.

"Our redesigned centers make it easy for them to meet with professionals for tailored solutions and advice on their life priorities and financial goals," Levine said, in the June announcement.

Other banks expanding in the Milwaukee area include Wausau-based Peoples State Bank, which will open a downtown branch, at 788 N. Jefferson St., this summer, according to Megan McCoy, vice president and marketing director.

An earlier version of this article incorrectly reported that the Whitefish Bay Bank of America branch appeared to be the first to obtain municipal approval in the Milwaukee area.

Tom Daykin can be emailed at tdaykin@jrn.com and followed on Instagram, X and Facebook.

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This article originally appeared on Milwaukee Journal Sentinel: Bank of America's entry to Milwaukee, Madison set with 2025 openings