Continuing a trend it began in 2017, a big national bank is further shrinking its physical presence in the Richmond market.
Wells Fargo is planning to close its branch at 7101 W. Broad St. in Henrico, near the intersection with Glenside Drive.
Spokeswoman Kristy Marshall said the location is expected to close March 6 and is being consolidated into a nearby branch at 8215 W. Broad St.
Marshall said the closure is part of the bank’s continued plan in the last two years of trimming its local branch count, a process that will have eliminated at least five of its Richmond-area outposts during that time once this latest closure occurs.
“This is part of our consolidation process and mostly due to the bank mergers over the years creating multiple locations very close by one another,” Marshall said. “We are looking very closely at customer traffic trends over the last few years and making decisions on those with decreased traffic.”
The branch was previously a location for Wachovia, which Wells Fargo absorbed in 2008.
Other local Wells locations given the axe since 2017 include 11124 Midlothian Turnpike, its downtown branch on the ground floor of the Wytestone Plaza building at 801 E. Main St., and 2420 Staples Mill Road, next to the Libbie Mill development.
The bank still had 59 locations in the Richmond region as of June 30, holding a total of $6.8 billion in deposits.
The branch due to close at 7101 W. Broad St. held $83 million in deposits as of June 30, according to the FDIC.
Marshall said Wells leases the Broad Street property. The 3,700-square-foot building is owned by North Gayton Co., according to county records.
The building sits on about three quarters of an acre and most recently was assessed at $1.04 million.