Three Wells Fargo locations in one state slated to close after the bank shut down 37 branches this y
WELLS Fargo has proceeded with several branch closures throughout the US leaving depositors in one state looking for new locations to get their money.
Three Wells Fargo branches shut down in Virginia this month following a spate of closures for the bank.
The three Virginia branches were in Charlottesville, Richmond, and Norfolk.
All three cities have at least one more Wells Fargo branch.
The bank closed 37 branches so far this year.
Wells Fargo banks in Georgia, Pennsylvania, Wisconsin, and Washington have also shut down.
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After the Allentown, Pennsylvania, closure, a Wells Fargo executive told Lehigh Valley Business several factors led to the branch's shuttering.
"Branches continue to play an important role in the way we serve our customers, and we continuously evaluate our branch network in light of changing customer needs, the increase in the use of digital banking, and market factors," the executive said.
MORE CLOSURES TO COME
Wells Fargo told banking regulators that it intends to shut down several other banks this year.
Banks are required to give 90 days of prior notice before closing a location.
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Here are the cities Wells Fargo has closed or will close this year:
- Sun City, Arizona
- Glendora, California
- Hollywood, Florida
- Bound Brook, New Jersey
- Columbia, Maryland
- Banning, California
- Grand Junction, Colorado
- Sugar Land, Texas
- Minneapolis, Minnesota
- Sparks, Nevada
- Lambertville, New Jersey
- Thousand Oaks, California
- Lilburn, Georgia
- Jonesboro, Georgia
- Washington, DC
- San Ramon, California
- Coeur d’Alene, Idaho
- Allentown, Pennsylvania
- Clearwater, Florida
- Kirkland, Washington
- Charlottesville, Virginia
- Idaho Falls, Idaho
- Edwards, Colorado
- Portland, Oregon
- Sarasota, Florida
- Richmond, Virginia
- Lauderhill, Florida
- Decatur, Georgia
- Sheboygan, Wisconsin
- Norfolk, Virginia
- Hemet, California
- Alpharetta, Georgia
- Tomball, Texas
- Santa Barbara, California
- Reading, Pennsylvania
- Radnor, Pennsylvania
- Annapolis, Maryland
WELLS FARGO ISN'T ALONE
Several other large banks said they would cut down on their branch operations.
PNC Bank is shutting down 29 locations this week following closed 47 locations in June.
Overall, the bank will shutter 147 locations.
PNC said it is focusing on its online banking platforms and away from brick-and-mortar locations.
The bank said customers are evolving toward a more digital banking experience - they claim the closures meet customers where they are.
Bank of America also joined in with its own set of closures.
The banking giant shuttered locations in California, Massachusetts, Texas, and New York.
Several bank officials have pointed to a more digital-based customer when shutting down branch locations throughout the country.
Between 2017 and 2021, 7,425 bank locations closed in the US, according to Insider Intelligence.
The 7,425 closures represented nine percent of the banking footprint in the US.
The closures hit low and medium-income and minority-majority communities - one-third of the bank closures happened in minority neighborhoods, according to a study from the National Community Reinvestment Coalition.
Read More on The US Sun
The U.S. Sun reports on other bank closures - here are more details on Bank of America's decisions to shutter some locations.
Also, some First Republic branches are closing this year.
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