The Bank of America branch on Prospect Avenue in Little Silver is slated to close April 27.

The location, at 517 Prospect Ave. in the A&P shopping center, has been the site of a bank for over 50 years, since the Howards Savings Bank opened its doors, according to Ben Lucarelli, principal for JPL Realty Management in Red Bank, which owns the property.

He said that they are searching for another bank to replace Bank of America as the location already has a vault and ATM vestibule in front.

The bank, which has been in that location since 2004, elected not to renew its lease due to "evolving customer demand," according to T.J. Crawford, a Bank of America spokesperson. "The location was not generating enough traffic," he said.

Bank of America would be able to serve its customers at nearby locations, including 170 Broad Street in Red Bank and another branch on 691 Shrewsbury Ave. in Shrewsbury, Crawford said. Letters went out in January to branch customers to inform them of the closing and familiarize them with alternate locations.

The bank will maintain an ATM at the Prospect Avenue location until a new tenant takes over the property, according to Crawford.

Editor's note: An earlier version of this article incorrectly quoted Bank of America spokesperson T.J. Crawford. The article has been edited to reflect his intended quote that it is the "evolving" and not "devolving" customer demand led to the branch's closing.