chi-bofa This Bank of America property in Glenview, IL, which recently sold with a cap rate of 4.5%, is the type of bank location most sought after by investors.

CHICAGO—As recently reported in, the retail side of banking is undergoing a profound change as customers adopt the use of mobile apps. Banks don’t need as many branch locations and many have begun to also shrink the footprint of their remaining outlets. But investors, attracted by the superb credit rating of many banks, still have an appetite for these properties, according to a new report from the Boulder Group, a net lease firm in suburban Chicago.