Wells Fargo cutting another Richmond branch

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A big bank once again is cutting one of its Richmond-area branches, this time a Midlothian property that dates back to the former Central National Bank.

Wells Fargo is planning to shut down its outpost at 11124 Midlothian Turnpike, according to a filing with the Federal Reserve.

Spokeswoman Kristy Marshall said the branch is expected to close in July.

It will be the $1.9 trillion bank’s third local branch closure in about 12 months.

Last May it closed a downtown branch on the ground floor of the Wytestone Plaza building at 801 E. Main St. Next month it will shutter its location at 2420 Staples Mill Road next to the Libbie Mill development.

Like the previous two, Marshall said, the Midlothian Turnpike closure is part of the bank’s ongoing review of its retail branch network, in which it looks to consolidate branches near other Wells locations.

In this case, the bank has several offices along Midlothian Turnpike, including two nearby at 10831 and 13530 Midlothian Turnpike.

Marshall said the bank will look to sell the soon-to-be shuttered location this summer. The branch sits on a half-acre lot at the corner of Midlothian Turnpike and Carmia Way, just east of Chesterfield Towne Center.

County records show the property was last sold in 1974 for $161,000 to the former Central National Bank, which through several acquisitions became part of Wells Fargo.

The branch held around $57 million in deposits as of last June, the most recent figures on file with the FDIC. That puts it at the bottom third in size among the bank’s 17 branches in Chesterfield County.

Region-wide, Wells Fargo will have just shy of 60 branches once the Staples Mill and Midlothian locations close. That’s by far the largest physical presence of any bank doing business in the area.

It controls more than $7.1 billion in local deposits, second only to Bank of America, which holds around $13 billion in deposits in its two-dozen branches in the area.

Wells isn’t the only national bank making moves in the local market.

SunTrust plans to relocate its Manchester branch at 1518 Hull St. to the ground floor of the 1200 Semmes development, catty-corner to the headquarters campus of the bank’s mortgage operations.

And PNC Bank, a $380 billion, Pittsburgh-based institution, is opening its first local office in the Riverside on the James building at 1001 Haxall Point. It will focus on corporate and commercial banking services and is not planned to be a retail bank branch.

Embed from Getty Images

A big bank once again is cutting one of its Richmond-area branches, this time a Midlothian property that dates back to the former Central National Bank.

Wells Fargo is planning to shut down its outpost at 11124 Midlothian Turnpike, according to a filing with the Federal Reserve.

Spokeswoman Kristy Marshall said the branch is expected to close in July.

It will be the $1.9 trillion bank’s third local branch closure in about 12 months.

Last May it closed a downtown branch on the ground floor of the Wytestone Plaza building at 801 E. Main St. Next month it will shutter its location at 2420 Staples Mill Road next to the Libbie Mill development.

Like the previous two, Marshall said, the Midlothian Turnpike closure is part of the bank’s ongoing review of its retail branch network, in which it looks to consolidate branches near other Wells locations.

In this case, the bank has several offices along Midlothian Turnpike, including two nearby at 10831 and 13530 Midlothian Turnpike.

Marshall said the bank will look to sell the soon-to-be shuttered location this summer. The branch sits on a half-acre lot at the corner of Midlothian Turnpike and Carmia Way, just east of Chesterfield Towne Center.

County records show the property was last sold in 1974 for $161,000 to the former Central National Bank, which through several acquisitions became part of Wells Fargo.

The branch held around $57 million in deposits as of last June, the most recent figures on file with the FDIC. That puts it at the bottom third in size among the bank’s 17 branches in Chesterfield County.

Region-wide, Wells Fargo will have just shy of 60 branches once the Staples Mill and Midlothian locations close. That’s by far the largest physical presence of any bank doing business in the area.

It controls more than $7.1 billion in local deposits, second only to Bank of America, which holds around $13 billion in deposits in its two-dozen branches in the area.

Wells isn’t the only national bank making moves in the local market.

SunTrust plans to relocate its Manchester branch at 1518 Hull St. to the ground floor of the 1200 Semmes development, catty-corner to the headquarters campus of the bank’s mortgage operations.

And PNC Bank, a $380 billion, Pittsburgh-based institution, is opening its first local office in the Riverside on the James building at 1001 Haxall Point. It will focus on corporate and commercial banking services and is not planned to be a retail bank branch.

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