Casey, the banking consultant, said he expected the Baltimore region to lose some Bank of America offices because the area is "over-branched."
But shuttering branches in the region doesn't necessarily mean "Baltimore is not an attractive community," said Newcomb, the Columbia banking consultant. The move, she said, reflects how more and more consumers are banking these days: on the computer or mobile devices.
Scott Cottrell, a managing director at FJ Capital Management in McLean, Va., said small to mid-size local banks in markets such as Baltimore might acquire some of the branches shed by Bank of America. "If you're used to going to a certain branch and that branch changes hands, you might switch banks," he said.
SECU, Maryland's largest credit union, sees an opening to pick up new customers, as well as new employees who are seeking an alternative to traditional banking.
"With the economic downturn and frustration with banks, people are looking to come to credit unions with better service," said Teshia Williams, the union's senior manager of human resources.
Since the beginning of the year, the credit union has hired 60 new workers and is looking to fill 30 positions, mostly at its 19 branches in the state.
Williams hopes to pick up experienced Bank of America employees who may be affected by the job cuts. In the past, SECU has hired former employees of local banks affected by acquisitions, such as Provident Bankshares, which was bought by M&T Bank in 2008.
"It's sad to see people losing their jobs, she said. "If we have opportunities, we would like to assume some of that talent."
As the restructurings by Bank of America and other financial institutions shake out over the next few years, Gaeng of BlueRidge Bank said, the company will take advantage of the upheaval to expand its business. The bank, which opened in April 2008, now has $140 million in assets.
Banking is a "people-oriented business and so the relationships that are formed between bankers and their customers become very special and continuity is very important and experience is important," Gaeng said. "That's why we have great upside potential, particularly in a market like Baltimore where you've had a lot of consolidation over the last few years and you have fewer and fewer independents."