Wells Fargo’s branch at 8215 W. Broad St. is set to close Oct. 18. (BizSense file photo)
Wells Fargo has put two more of its Richmond-area branches on the chopping block.
The banking giant plans to shutter its location at 8215 W. Broad St., at the corner of Parham Road in Henrico County, in October. And last month it closed its Bellwood Plaza branch at 7300 Route 1 Highway (formerly Jefferson Davis Highway) in North Chesterfield.
Those two closures will join the bank’s outpost at 3501 W. Broad St. across from Scott’s Addition, which is set to go dark next month and will free up a prime piece of real estate in the city.
They mark the seventh and eighth branches the bank has closed in the Richmond market in the last two years.
The bank did not provide details about the latest two closures but has said other recent branch cuts are driven by an ongoing evaluation of its retail locations in light of the increase in digital and online banking services.
Wells Fargo closed its branch at 7300 Route 1 Highway last month. (BizSense file photo)
The closure will leave Wells Fargo with approximately 44 branches in the Richmond region, which collectively hold around $9 billion, according to the latest tally from the FDIC.
Its other closures this year include a longstanding branch at 4020 Cox Road in Innsbrook and one at 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.
The Broad and Parham location will close Oct. 18 at noon, according to a sign on the door. The branch is among the bank’s biggest in Henrico County in terms of deposits. It held $213 million in deposits as of last summer, according to the most recent stats from the FDIC. The bank is directing customers of that branch to its location at 1701 N. Parham Road two miles away.
Henrico County records show an entity tied to Wells Fargo owns the Broad Street property, which includes the 2,500-square-foot branch building on a 0.86-acre lot. It was most recently assessed by Henrico at $1.3 million.
The building sits across Parham from another empty bank branch – an outpost of Atlantic Union Bank that closed last year and that has since been sold to a new owner.
The bank’s Bellwood Plaza branch held $83 million in deposits as of last summer. That made it among the bank’s smallest branches in terms of deposits. Customers of the branch were transferred to its location at 5630 Hopkins Road about three miles away.
Wells Fargo had leased the Bellwood Plaza property from landlord Richmond Affordable Housing, according to Chesterfield County records. That entity appears to be tied to Better Housing Coalition and has owned the property since at least 2014, records show. The property was most recently assessed at $706,000.
The branch building was constructed in 1969 and sits on 1.2 acres.
Wells Fargo is the region’s third-largest bank by deposits, trailing Bank of America and Truist, both of which have also been closing branches in the Richmond area in recent years.
Bank of America is in the process of shuttering its downtown Richmond branch on the ground floor of its namesake office tower at 1111 E. Main St.
Another national competitor, Chase Bank, is taking the opposite route and continuing to open new branches in the region. Its twelfth local branch is in the works at 9801 Iron Bridge Road in Chesterfield.
Wells Fargo’s branch at 8215 W. Broad St. is set to close Oct. 18. (BizSense file photo)
Wells Fargo has put two more of its Richmond-area branches on the chopping block.
The banking giant plans to shutter its location at 8215 W. Broad St., at the corner of Parham Road in Henrico County, in October. And last month it closed its Bellwood Plaza branch at 7300 Route 1 Highway (formerly Jefferson Davis Highway) in North Chesterfield.
Those two closures will join the bank’s outpost at 3501 W. Broad St. across from Scott’s Addition, which is set to go dark next month and will free up a prime piece of real estate in the city.
They mark the seventh and eighth branches the bank has closed in the Richmond market in the last two years.
The bank did not provide details about the latest two closures but has said other recent branch cuts are driven by an ongoing evaluation of its retail locations in light of the increase in digital and online banking services.
Wells Fargo closed its branch at 7300 Route 1 Highway last month. (BizSense file photo)
The closure will leave Wells Fargo with approximately 44 branches in the Richmond region, which collectively hold around $9 billion, according to the latest tally from the FDIC.
Its other closures this year include a longstanding branch at 4020 Cox Road in Innsbrook and one at 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.
The Broad and Parham location will close Oct. 18 at noon, according to a sign on the door. The branch is among the bank’s biggest in Henrico County in terms of deposits. It held $213 million in deposits as of last summer, according to the most recent stats from the FDIC. The bank is directing customers of that branch to its location at 1701 N. Parham Road two miles away.
Henrico County records show an entity tied to Wells Fargo owns the Broad Street property, which includes the 2,500-square-foot branch building on a 0.86-acre lot. It was most recently assessed by Henrico at $1.3 million.
The building sits across Parham from another empty bank branch – an outpost of Atlantic Union Bank that closed last year and that has since been sold to a new owner.
The bank’s Bellwood Plaza branch held $83 million in deposits as of last summer. That made it among the bank’s smallest branches in terms of deposits. Customers of the branch were transferred to its location at 5630 Hopkins Road about three miles away.
Wells Fargo had leased the Bellwood Plaza property from landlord Richmond Affordable Housing, according to Chesterfield County records. That entity appears to be tied to Better Housing Coalition and has owned the property since at least 2014, records show. The property was most recently assessed at $706,000.
The branch building was constructed in 1969 and sits on 1.2 acres.
Wells Fargo is the region’s third-largest bank by deposits, trailing Bank of America and Truist, both of which have also been closing branches in the Richmond area in recent years.
Bank of America is in the process of shuttering its downtown Richmond branch on the ground floor of its namesake office tower at 1111 E. Main St.
Another national competitor, Chase Bank, is taking the opposite route and continuing to open new branches in the region. Its twelfth local branch is in the works at 9801 Iron Bridge Road in Chesterfield.
Wells Fargo also plans to close the branch on Grace and First Street. They sent notice two weeks ago.
Wow, I guess helping all those customers on pay day was too much for them. That branch is often very busy with paycheck cashing on Fridays and 15/30/last day of the month.
Yes and the majority of them are not depositing anything / don’t have accounts with Wells Fargo at all. I will miss the branch tremendously but understand that it wasn’t sustainable for the brand. I hope they relocate the amazing staff currently there to the Cary street location downtown.
I remember John Georgius being pushed out of First Union around 1999 as a result of his “Future Bank” initiative. How prophetic he was. I’m sure he is smiling reading about all the branch closures of his successor bank.
I worked for First Union then (after they bought Signet) and the internal joke was that the “Future Bank” meant that you were going to be served at some point in the future. Timing is everything. First Union lacked customer service as a core principle. Their major skill was paying too much for a bank and then firing as many employees as possible. First Union paid 3.5X book for Signet; the largest premium every paid for a bank up until that time. 89% of the people that worked at Signet lost their jobs. They subsequently were successfully sued by former… Read more »
This is all about cutting overhead, and it’s not just Richmond. This is being done nationally by Wells Fargo.