A national bank is trimming its branch count near Willow Lawn, leaving up for grabs a visible plot next to the fast-rising Libbie Mill development.
Wells Fargo plans to close its branch at 2420 Staples Mill Road, consolidating it in favor of a busier branch less than a mile around the corner at 4901 W. Broad St.
Spokeswoman Kristy Marshall said the move would be effective May 16.
Marshall said the closure is part of a review of the bank’s retail branch network.
“This closing is a result of a business decision made to operate more efficiently,” she said in an email. “No team members will be displaced – they will be transferred to our other nearby branches.”
The Staples Mill branch had $33 million in deposits as of June 30, putting it among Wells Fargo’s smallest outposts in the region. That’s compared to the spot at 4901 W. Broad St., which has nearly $80 million in deposits.
Wells Fargo still has about 60 branches in the market, the largest footprint of any bank doing business in the area. BB&T and SunTrust are its nearest rivals for local locations, with three-dozen apiece.
Wells Fargo controlled $7.1 billion in local deposits as of June 30, accounting for about 7 percent of the Richmond market share. That puts it behind only Bank of America’s $13.5 billion in local deposits.
Marshall said the bank plans to put the Staples Mill property up for sale.
The 3,200-square-foot branch sits on 0.75 acres at the corner of Staples Mill and Bethlehem roads. It was built in 1969 and Wells Fargo inherited the property from various predecessor banks. It had been a Wachovia location before that massive deal in 2009. Wachovia had owned the property since at least 1998 and Henrico County records show it once was owned by the former Central National Bank.
The property was most recently assessed by the county at $742,000. It sits next to Libbie Mill, Gumenick Properties’ massive mixed use development, where regional rival TowneBank has a newer branch.
The Staples Mill closure follows the shuttering last May of one of Wells Fargo’s downtown branches on the ground floor of the Wytestone Plaza building at 801 E. Main St.
Some of its national rivals also have been trimming their local branch count in recent months.
The BB&T locations at 6980 Forest Hill Ave., 8727 Staples Mill Road and 4710 Walmsley Blvd. closed in December as part of a broader national wave of closures.
Bank of America’s branch at 2601 Buford Road in Bon Air was scheduled to close at the end of February.
SunTrust also has a branch swap in the works, as it plans to open a location in vacant commercial space at the corner of 12th Street and Semmes Avenue, on the ground floor of the 1200 Semmes development. That would replace its existing nearby Manchester branch at 1518 Hull St.