Wells Fargo branch closure to free up prime parcel across from Scott’s Addition

IMG 5144

The branch has been home to various Wells Fargo predecessors since it was built in 1979.

Banking giant Wells Fargo is once again trimming its Richmond-area branch count, this time at a sizable plot in a sought-after part of the city.

The bank confirmed last week its plans to permanently close its outpost at 3501 W. Broad St. across from Scott’s Addition.

The branch will close Sept. 13, a Wells Fargo spokesman said in an email.

As has been typical with such closures in recent years, the bank said the branch is being shuttered as part of an ongoing evaluation of its retail locations in light of the increase in digital and online banking services.

The branch’s operations and deposits will be consolidated into the Willow Lawn location at 4901 W Broad St., which is approximately one mile west. The bank also has nearby branches in Carytown and Northside.

As of June 30 of last year, the soon-to-be-former Broad Street branch held $131 million in deposits.

While it would be the sixth local Wells Fargo branch to close in the last two years, it’s arguably the most prime parcel to be freed up by the bank’s consolidations.

The property consists of the bank’s 9,800-square-foot, two-story branch building, along with a 1-acre parcel of land, much of which is an asphalt parking lot.

The site, at the corner of West Broad and North Thompson streets and abutting I-195, is in the path of development that’s spilled over southward from Scott’s Addition directly across the street.

Just to the south down Thompson Street is a set of new modern townhomes, as well as a 1950s-era office building that was converted into apartments in recent years. And across 195, construction is underway on a nearly 300-unit apartment complex on a site formerly owned by the International Mission Board.

IMG 5150

The apartments under construction on a site formerly owned by International Mission Board.

The city’s assessment of the Wells Fargo property reflects that trend, with the value of the land accounting for $2.65 million of the overall $3.5 million assessed value.

The property is owned by Wells Fargo. It inherited the site from various predecessor mergers. City property records show the branch building was constructed in 1979 and was previously a branch of the former Central National Bank.

A Wells Fargo spokesman said in an email last week that the bank continues to explore its options for the property.

“We own the building, so we’re considering future options. No decisions have been made yet,” the spokesman said.

Thalhimer’s Will McGoogan is handling any inquiries regarding the property.

The closure will leave Wells Fargo with approximately 46 branches in the Richmond region, which collectively hold around $9 billion, according to the latest tally from the FDIC.

Last month Wells Fargo closed a longstanding branch at 4020 Cox Road in Innsbrook. Earlier this year its shuttered 415 E. Belt Blvd. in the city’s Southside. In 2022, it closed at 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.

Another of its branches that closed last year – 9000 Patterson Ave. in western Henrico – has since been acquired by a local real estate brokerage that’s converting it into a new office.

Wells Fargo is the region’s third-largest bank by deposits, trailing Bank of America and Truist.

IMG 5144

The branch has been home to various Wells Fargo predecessors since it was built in 1979.

Banking giant Wells Fargo is once again trimming its Richmond-area branch count, this time at a sizable plot in a sought-after part of the city.

The bank confirmed last week its plans to permanently close its outpost at 3501 W. Broad St. across from Scott’s Addition.

The branch will close Sept. 13, a Wells Fargo spokesman said in an email.

As has been typical with such closures in recent years, the bank said the branch is being shuttered as part of an ongoing evaluation of its retail locations in light of the increase in digital and online banking services.

The branch’s operations and deposits will be consolidated into the Willow Lawn location at 4901 W Broad St., which is approximately one mile west. The bank also has nearby branches in Carytown and Northside.

As of June 30 of last year, the soon-to-be-former Broad Street branch held $131 million in deposits.

While it would be the sixth local Wells Fargo branch to close in the last two years, it’s arguably the most prime parcel to be freed up by the bank’s consolidations.

The property consists of the bank’s 9,800-square-foot, two-story branch building, along with a 1-acre parcel of land, much of which is an asphalt parking lot.

The site, at the corner of West Broad and North Thompson streets and abutting I-195, is in the path of development that’s spilled over southward from Scott’s Addition directly across the street.

Just to the south down Thompson Street is a set of new modern townhomes, as well as a 1950s-era office building that was converted into apartments in recent years. And across 195, construction is underway on a nearly 300-unit apartment complex on a site formerly owned by the International Mission Board.

IMG 5150

The apartments under construction on a site formerly owned by International Mission Board.

The city’s assessment of the Wells Fargo property reflects that trend, with the value of the land accounting for $2.65 million of the overall $3.5 million assessed value.

The property is owned by Wells Fargo. It inherited the site from various predecessor mergers. City property records show the branch building was constructed in 1979 and was previously a branch of the former Central National Bank.

A Wells Fargo spokesman said in an email last week that the bank continues to explore its options for the property.

“We own the building, so we’re considering future options. No decisions have been made yet,” the spokesman said.

Thalhimer’s Will McGoogan is handling any inquiries regarding the property.

The closure will leave Wells Fargo with approximately 46 branches in the Richmond region, which collectively hold around $9 billion, according to the latest tally from the FDIC.

Last month Wells Fargo closed a longstanding branch at 4020 Cox Road in Innsbrook. Earlier this year its shuttered 415 E. Belt Blvd. in the city’s Southside. In 2022, it closed at 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.

Another of its branches that closed last year – 9000 Patterson Ave. in western Henrico – has since been acquired by a local real estate brokerage that’s converting it into a new office.

Wells Fargo is the region’s third-largest bank by deposits, trailing Bank of America and Truist.

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Ashley Smith
Ashley Smith
10 months ago

Can’t wait to see the gorgeous 5 over 1s they build in it’s place 🙄

Hassan Leroux
Hassan Leroux
10 months ago
Reply to  Ashley Smith

Exactly. Tragic.

Zach Rugar
Zach Rugar
10 months ago
Reply to  Ashley Smith

I agree that architecture is so boring and bland. Give us back Art Deco!

Ron Mexico
Ron Mexico
10 months ago
Reply to  Ashley Smith

Ah, right on schedule, the Never Build Anything Anywhere Ever brigade is here to complain about the existence of even hypothetical housing and the loss of a very historic concrete cube bank built in 1979.

Hassan Leroux
Hassan Leroux
10 months ago
Reply to  Ron Mexico

False…it the “please use your architecture degree and not be lazy” brigade. Please don’t confuse “NIMBY-ism” with just wanting variety in architectural style and if you look at what they are currently building around town what would you expect? There is merit to just wanting something that doesn’t look like the rest simply because it gives us something different to look at.

Hassan Leroux
Hassan Leroux
10 months ago
Reply to  Ashley Smith

Two days later… a 5over1 development not even a mile down the road.

https://richmondbizsense.com/2023/07/12/developer-spy-rock-drops-nearly-8m-for-site-near-sauer-center/

Last edited 10 months ago by Hassan Leroux
David Humphrey
David Humphrey
10 months ago
Reply to  Hassan Leroux

That type of development does not have to be bad. Lazy architecture can happen on any size building. I am glad that more housing is getting developed and it is better than 1 over 1.

Bruce Milam
Bruce Milam
10 months ago

Its a prime spot for a new hotel, much needed at the entry to the Museum District.

Stephen Weisensale
Stephen Weisensale
10 months ago
Reply to  Bruce Milam

I doubt that. There is a new hotel just a block away.

Bruce Milam
Bruce Milam
10 months ago

Hotels build in clusters. Its more efficient management.

William Willis
William Willis
10 months ago
Reply to  Bruce Milam

There is a Courtyard by Marriott at Broad and Hamilton and Shamin Hotels just bought the old Hardees location at Arthur Ashe Blvd and Myers St. Those are two nice bookends to all the companies and apartments in Scott’s Addition. I also think the Diamond District is getting a Hotel or two I could be wrong. Those should be more than enough for the area I think.

Stephen Weisensale
Stephen Weisensale
10 months ago
Reply to  William Willis

There’s also a boutique hotel going into the old Shenandoah building in the fan.

Michael Morgan-Dodson
Michael Morgan-Dodson
10 months ago

I wonder where/if they’ll move the foreign currency service. This was the branch you went to that always had the foreign currency in stock that you didn’t have to order.

karl hott
karl hott
10 months ago

New York has the Empire State Building. DC has the Washington Monument. Richmond has the highest per capita of wood-framed 5-story apartment buildings (soon without parking).

Hassan Leroux
Hassan Leroux
10 months ago
Reply to  karl hott

Exactly! Without parking is a key element.

Alex King
Alex King
10 months ago

That building is older than 1979. Definitely a mid century modern building.

Donna Gerald
Donna Gerald
10 months ago

Two words… craft brewery!