Wells Fargo closing downtown branch at 2nd and Grace

wells fargo 122 e grace wide

The Wells Fargo branch at 122 E. Grace St. is the next of the bank’s local branch on the chopping block. (BizSense file photo)

Another banking giant is closing a branch in downtown Richmond, this time in Monroe Ward.

Wells Fargo confirmed last week its plans to shutter its location at 122 E. Grace St., at the corner of Second Street.

The bank said the branch will cease operations on Nov. 1 at noon. It will remain open as usual until then.

The branch held $157 million in deposits as of June 30, 2022, the most recent FDIC figures available.

Its operations are being consolidated into the bank’s next closest outpost at 1800 Chamberlayne Ave., which is less than two miles away in Northside.

The Grace Street location will be the bank’s ninth Richmond-area branch to be put on the chopping block in the last couple years, including two others that are set to close in the coming weeks.

Next week, Wells Fargo is set to shutter its spot at 3501 W. Broad St. across from Scott’s Addition. And its location at 8215 W. Broad St., at the corner of Parham Road in Henrico County, will close Oct. 18. Those followed the July closure of its Bellwood Plaza branch at 7300 Route 1 Highway (formerly Jefferson Davis Highway) in North Chesterfield.

As it has said in response to other recent closures, the bank cited ongoing changes in consumer trends, such as digital banking, as a reason for the Grace Street departure.

“This is not an easy decision or one we take lightly,” the bank said in an emailed statement. “Branches continue to play an important role in the way we serve our customers, and we continuously evaluate our branch network in light of changing customer needs, the increase in the use of digital banking and market factors.”

Wells Fargo owns the Grace Street branch building, having inherited it through various mergers and acquisitions. It had been home to Jefferson National Bank of Charlottesville, which was acquired by Wachovia in 1997. Wachovia eventually became part of Wells Fargo.

The 2,800-square-foot branch building was constructed in 1998, according to city records.

The property was most recently assessed by the city at $1.67 million. Its half-acre parcel accounts for $922,000 of that total.

The bank’s exit from Grace Street leaves it with seven branches in the city limits and around four dozen across the region.

It’s part of a busy time of branch openings and closings in the region overall.

A few blocks east, competitor Bank of America is preparing to close its lone downtown branch at 1111 E. Main St., on the ground floor of the office tower that bears the BofA name.

National competitor Chase Bank continues its branch opening streak, with another in the works on Iron Bridge Road in Chesterfield.

And Hampton Roads-based credit union giant Langley FCU is opening its first branch in the region by taking over a former Wells Fargo building in Short Pump.

wells fargo 122 e grace wide

The Wells Fargo branch at 122 E. Grace St. is the next of the bank’s local branch on the chopping block. (BizSense file photo)

Another banking giant is closing a branch in downtown Richmond, this time in Monroe Ward.

Wells Fargo confirmed last week its plans to shutter its location at 122 E. Grace St., at the corner of Second Street.

The bank said the branch will cease operations on Nov. 1 at noon. It will remain open as usual until then.

The branch held $157 million in deposits as of June 30, 2022, the most recent FDIC figures available.

Its operations are being consolidated into the bank’s next closest outpost at 1800 Chamberlayne Ave., which is less than two miles away in Northside.

The Grace Street location will be the bank’s ninth Richmond-area branch to be put on the chopping block in the last couple years, including two others that are set to close in the coming weeks.

Next week, Wells Fargo is set to shutter its spot at 3501 W. Broad St. across from Scott’s Addition. And its location at 8215 W. Broad St., at the corner of Parham Road in Henrico County, will close Oct. 18. Those followed the July closure of its Bellwood Plaza branch at 7300 Route 1 Highway (formerly Jefferson Davis Highway) in North Chesterfield.

As it has said in response to other recent closures, the bank cited ongoing changes in consumer trends, such as digital banking, as a reason for the Grace Street departure.

“This is not an easy decision or one we take lightly,” the bank said in an emailed statement. “Branches continue to play an important role in the way we serve our customers, and we continuously evaluate our branch network in light of changing customer needs, the increase in the use of digital banking and market factors.”

Wells Fargo owns the Grace Street branch building, having inherited it through various mergers and acquisitions. It had been home to Jefferson National Bank of Charlottesville, which was acquired by Wachovia in 1997. Wachovia eventually became part of Wells Fargo.

The 2,800-square-foot branch building was constructed in 1998, according to city records.

The property was most recently assessed by the city at $1.67 million. Its half-acre parcel accounts for $922,000 of that total.

The bank’s exit from Grace Street leaves it with seven branches in the city limits and around four dozen across the region.

It’s part of a busy time of branch openings and closings in the region overall.

A few blocks east, competitor Bank of America is preparing to close its lone downtown branch at 1111 E. Main St., on the ground floor of the office tower that bears the BofA name.

National competitor Chase Bank continues its branch opening streak, with another in the works on Iron Bridge Road in Chesterfield.

And Hampton Roads-based credit union giant Langley FCU is opening its first branch in the region by taking over a former Wells Fargo building in Short Pump.

Your subscription has expired. Renew now by choosing a subscription below!

For more informaiton, head over to your profile.

Profile


SUBSCRIBE NOW

 — 

 — 

 — 

TERMS OF SERVICE:

ALL MEMBERSHIPS RENEW AUTOMATICALLY. YOU WILL BE CHARGED FOR A 1 YEAR MEMBERSHIP RENEWAL AT THE RATE IN EFFECT AT THAT TIME UNLESS YOU CANCEL YOUR MEMBERSHIP BY LOGGING IN OR BY CONTACTING [email protected].

ALL CHARGES FOR MONTHLY OR ANNUAL MEMBERSHIPS ARE NONREFUNDABLE.

EACH MEMBERSHIP WILL ONLY FUNCTION ON UP TO 3 MACHINES. ACCOUNTS ABUSING THAT LIMIT WILL BE DISCONTINUED.

FOR ASSISTANCE WITH YOUR MEMBERSHIP PLEASE EMAIL [email protected]




Return to Homepage

POSTED IN Banking

Editor's Picks

Subscribe
Notify of
guest

8 Comments
oldest
newest most voted
Inline Feedbacks
View all comments
Zach Rugar
Zach Rugar
9 months ago

Alot of people don’t realize that Wells Fargo and many other banks are in ALOT of TROUBLE. You’ll see for yourself I’d say within 2 months or so.

Scott Brown
Scott Brown
9 months ago
Reply to  Zach Rugar

This is true, interest rates going up has helped them, but they went up to fast and they are now stuck with very bad interest rate risk.

Move your money to a small local credit union as soon as you can. There are 4 of them to choose from that are based in the city.
The larger credit unions may have the same problem as the banks.

William Muse
William Muse
9 months ago

soon to be the next Drive Thru Starbucks…

Michael Morgan-Dodson
Michael Morgan-Dodson
9 months ago
Reply to  William Muse

I can honestly see them doing that at this location.

Zach Rugar
Zach Rugar
9 months ago
Reply to  William Muse

Starbucks is watered down, overpriced garbage.

Support your locally owned coffee shop instead.

Lucas de Block
Lucas de Block
9 months ago

Please make this residential + commercial.

Michael Boyer
Michael Boyer
9 months ago
Reply to  Lucas de Block

Is this building large enough for apts?

David Humphrey
David Humphrey
9 months ago
Reply to  Michael Boyer

No, but the parcel definitely is.