The Wells Fargo branch at 4020 Cox Road. (BizSense file)
A longtime local bank branch that’s seen its flag change many times over the years through various mergers is set to go dark.
Wells Fargo is planning to close its location at 4020 Cox Road in Innsbrook, according to a regulatory filing this month.
Its expected closing date is June 7, according to a sign on the door at the branch. The bank did not respond to questions about the closure Wednesday afternoon.
The sign on the door directs customers to the bank’s next closest branch at 9801 W. Broad St. in the Westpark Shopping Center.
The sign on the door directs customers to the bank’s next closest branch at 9801 W. Broad St.
The 4,200-square-foot Cox Road building was built in 1990 as a branch of Dominion Bank of Richmond, which was merged into First Union Bank in the mid-’90s. The parent company, Dominion Bankshares, was at the time Virginia’s fourth-largest bank with more than 280 branches in Virginia, Maryland, Washington, D.C., and Tennessee, according to a Washington Post report. First Union in 2001 merged with Wachovia, which was absorbed by Wells Fargo in 2010.
Wells Fargo inherited the property and is the owner. Henrico County most recently assessed the property at $1.98 million. That value includes $1.15 million for the land.
The bank also wasn’t able to answer questions regarding the future disposition of the property or whether it intends to lease the building.
Thalhimer’s Will McGoogan is handling any inquiries regarding the property.
The Innsbrook location would be the fifth local Wells Fargo branch to close in the past 18 months. Earlier this year its shuttered 415 E. Belt Blvd. in the city’s Southside. In 2022 it closed 9000 Patterson Ave. in the western Henrico and 13241 Rivers Bend Blvd. in Chester. And in late 2021, just up the road from the Innsbrook branch, it closed its location at 11151 W. Broad St. in West Broad Village.
The Innsbrook closure would leave Wells Fargo with 47 branches in the Richmond region. That’s still the largest branch footprint of any bank in the area, with Truist’s 45 branches a close second.
Wells Fargo held $8.87 billion in deposits in those local branches as of June 30, 2022, the most recent figures from the FDIC. That gave it the third-largest market share in terms of deposits, following Bank of America and Truist.
The Cox Road branch housed around $266 million in deposits as of June 30, making it one of Wells Fargo’s larger branches in the region by deposit amount.
The Wells Fargo branch at 4020 Cox Road. (BizSense file)
A longtime local bank branch that’s seen its flag change many times over the years through various mergers is set to go dark.
Wells Fargo is planning to close its location at 4020 Cox Road in Innsbrook, according to a regulatory filing this month.
Its expected closing date is June 7, according to a sign on the door at the branch. The bank did not respond to questions about the closure Wednesday afternoon.
The sign on the door directs customers to the bank’s next closest branch at 9801 W. Broad St. in the Westpark Shopping Center.
The sign on the door directs customers to the bank’s next closest branch at 9801 W. Broad St.
The 4,200-square-foot Cox Road building was built in 1990 as a branch of Dominion Bank of Richmond, which was merged into First Union Bank in the mid-’90s. The parent company, Dominion Bankshares, was at the time Virginia’s fourth-largest bank with more than 280 branches in Virginia, Maryland, Washington, D.C., and Tennessee, according to a Washington Post report. First Union in 2001 merged with Wachovia, which was absorbed by Wells Fargo in 2010.
Wells Fargo inherited the property and is the owner. Henrico County most recently assessed the property at $1.98 million. That value includes $1.15 million for the land.
The bank also wasn’t able to answer questions regarding the future disposition of the property or whether it intends to lease the building.
Thalhimer’s Will McGoogan is handling any inquiries regarding the property.
The Innsbrook location would be the fifth local Wells Fargo branch to close in the past 18 months. Earlier this year its shuttered 415 E. Belt Blvd. in the city’s Southside. In 2022 it closed 9000 Patterson Ave. in the western Henrico and 13241 Rivers Bend Blvd. in Chester. And in late 2021, just up the road from the Innsbrook branch, it closed its location at 11151 W. Broad St. in West Broad Village.
The Innsbrook closure would leave Wells Fargo with 47 branches in the Richmond region. That’s still the largest branch footprint of any bank in the area, with Truist’s 45 branches a close second.
Wells Fargo held $8.87 billion in deposits in those local branches as of June 30, 2022, the most recent figures from the FDIC. That gave it the third-largest market share in terms of deposits, following Bank of America and Truist.
The Cox Road branch housed around $266 million in deposits as of June 30, making it one of Wells Fargo’s larger branches in the region by deposit amount.
Is this closing a prelude to the redevelopment of that retail center into a mixed use center? It’s been on the books as a plan for several years.
There’s one at Pump and Three Chopt that’s still open.
Bruce: Sidney Gunst had a vision for the re-development of the shopping center. I doubt that anything will happen any time soon, particularly since the shopping center is well tenanted. As an aside the Wells Fargo Branch isn’t part of the shopping center.
Barry: The closing of this branch is simply a consolidation. It’s similar to what competitive banks are doing in our market, with the exception of Chase, which is building branches.