Wells Fargo, the fourth-largest bank in the United States, has confirmed it will be closing 14 additional branches across the country.
This move is part of a broader trend impacting the banking industry following the COVID-19 pandemic, which dramatically accelerated the shift toward digital financial services.
A Wells Fargo & Co. branch in New York, US
Digital Banking Redefines the Customer Experience
During the pandemic, consumers became increasingly reliant on online banking tools—checking balances, transferring funds, and applying for loans without stepping into a physical branch.
When lockdowns ended, many customers chose not to return to in-person banking, prompting institutions like Wells Fargo to reevaluate their physical presence.
Wells Fargo’s Strategic Shift
Wells Fargo operates over 4,000 branches across 36 states and manages approximately $1.7 trillion in assets.
The bank has focused in recent years on restructuring operations to adapt to evolving customer behaviors and restore investor confidence after years of controversy.
- In 2020, Wells Fargo paid a $3 billion fine for creating millions of unauthorized customer accounts between 2002 and 2016.
- Billionaire investor Warren Buffett publicly divested from the bank following the scandal.
- Under CEO Charlie Scharf, Wells Fargo has restructured by: Eliminating non-core business units, redirecting revenue toward fee-based services and reducing workforce and physical locations
Financials Show Strength Despite Downsizing
Despite its downsizing, Wells Fargo reported a solid net income of $18.6 billion in 2024, equivalent to $5.43 per share.
This financial strength suggests the bank will likely continue optimizing its operations, including closing underutilized branches.
List of Branches Slated for Closure
According to filings submitted to the Office of the Comptroller of the Currency (OCC), the following 14 Wells Fargo locations are scheduled to shut down:
- 321 University Drive, College Station, TX
- 100 Nile Kinnick Dr. N., Adel, IA
- 1930 North Loop 1604 E, San Antonio, TX
- 7928 Fort Hunt Road, Alexandria, VA
- 3901 E. Grant Rd, Tucson, AZ
- 225 108th Avenue N.E., Bellevue, WA
- 7801 Falls of Neuse Rd, Raleigh, NC
- 1600 Montgomery Highway, Hoover, AL
- 590 Hunt Club Boulevard, Apopka, FL
- 652 N. La Brea Avenue, Los Angeles, CA
- One Main Street, George, UT
- 2611 Cedar Springs Road, Dallas, TX
- 687 S. Coast Highway 101, Suite 151, Encinitas, CA
- 25100 F.M. 2100, Huffman, TX
