Bank of America to consolidate after selling building in north Fort Worth
Bank of America is consolidating back-office operations in Tarrant County after selling a building on Beach Street in north Fort Worth where it handles mortgages and other consumer services, the bank said Thursday.
The facility at 5401 Beach St. was once part of Countrywide Financial, a mortgage company that became troubled during the financial crisis last decade and was sold to Bank of America. At one time, Countrywide employed as many as 3,000 people in north Fort Worth.
Bank of America said workers in the Beach Street building will be moved to its campus in far east Fort Worth, at 4200 and 4500 Amon Carter Blvd., in the second or third quarter of this year. The company declined to say how many workers are being affected but said no job cuts are tied to the move.
In a statement, Bank of America said the decision to consolidate is “in keeping with the bank’s approach to manage our real estate portfolio as effectively and efficiently as possible.”
“Bank of America has a strong history in the Dallas/Fort Worth market and we remain committed to the area,” the company said. The company has 14,000 full-time employees in North Texas.
The 457,628-square-foot Beach Street building was put on the market in August and a sale was completed last week, said Bank of America spokeswoman Britney Sheehan. The bank did not disclose the buyer. Bank of America has 586,000 square feet at its campus on Amon Carter Boulevard, where it employs more than 1,000 workers, .
The Beach Street building was once an office/research and development building for Motorola, and Countrywide acquired it as part of a big expansion into North Texas aided by a $20 million grant from the Texas Enterprise Fund in 2004. The company promised to add 7,500 jobs in the region, but its expansion stopped when the mortgage crisis hit and Bank of America acquired Countrywide in 2008.
As the company fell short of its hiring targets under the Texas Enterprise Fund grant, Bank of America agreed to refund $8.45 million to the state in 2009.
Steve Kaskovich: 817-390-7773, @stevekasko
This story was originally published May 26, 2016 at 4:40 PM with the headline "Bank of America to consolidate after selling building in north Fort Worth."