Business news from the Fredericksburg region.

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Bank of America closing Gordonsville branch

Bank of America will close its Gordonsville branch on Nov. 16.

Letters notifying customers were mailed earlier this month. The Charlotte, N.C.-based company still has a location at 113 W. Main St. in the town of Orange.

The Gordonsville branch is one of hundreds that Bank of America is closing as part of its efficiency initiative, Project New BAC.

“The decision is driven primarily by a decline in transactions, as customers increasingly rely on other channels including mobile and online banking,” said spokeswoman Nicole Nastacie in an email. “We constantly adjust our banking center network to fit customers’ changing needs, and provide the best opportunities for growth for our business.”

In addition to Project New BAC, Bank of America “is ramping up mobile and online offerings, enhancing existing branches and ridding its network of the duplication that resulted from decades of mergers,” according to a recent article in the Charlotte Observer.

—Cathy Jett