INDIANAPOLIS — Bank of America plans to open its first retail banking branch in Indianapolis in the new Cummins Inc. distribution headquarters building downtown.
The Charlotte, North Carolina-based bank said recently that it will occupy 4,035 square feet in the building at 301 E. Market St. and should open the branch, along with another in the metropolitan area, late this year.
“The decision to open financial centers here is an important demonstration of our commitment to Indianapolis,” Will Smayda, Bank of America Financial Center and Merrill Edge Central Division managing director, said in a written statement. “These financial centers will provide our existing banking, investment and commercial clients, as well as new customers, with access to all the capabilities Bank of America has to offer.”
Bank of America already provides some services to Indianapolis clients, including commercial and business banking, as well as wealth management services, through Merrill Lynch.
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The bank has 4,700 branches in the United States serving about 47 million customers.
At the Cummins building, Bank of America is taking one of three ground-floor retail spaces available that total 10,000 square feet. The nine-story structure, designed by Deborah Berke Partners, opened in January and provides space to more than 300 Cummins employees.
“Bank of America entering the Indianapolis market is exciting for the Market East District, and we are pleased to welcome them to our Indy distribution headquarters,” said Marya Rose, Cummins’ chief administration officer, in written comments.
Columbus-based Cummins manufactures diesel engines and has about 55,400 employees worldwide.
Some numerical facts about Cummins Inc.’s new Distribution Business global headquarters in downtown Indianapolis.
1: Size of the property in city blocks that it covers.
3: Number of architectural firms that participated in a design competition for the right to design the headquarters. Also the number of commissioned artworks for the building.
3.3: Amount of money, in millions, that Indianapolis contributed for infrastructure improvements — such as sidewalks, curbs and parking.
4: Size in acres of the property on which it is built.
9: Height in stories.
30: Cost in millions for the headquarters project.
60: Estimated number of individual works of art displayed throughout the building.
70: Percentage of property tax abatement that Cummins received from Indianapolis for a 10-year period for the building.
301: Address on East Market Street for the building.
350: Number of employees that will be in the building when it opens.
450: Maximum number of employees it can accommodate.
164,000: Size of the building in square feet, excluding first-floor retail space.