Business

Wells Fargo closing another Charlotte-area branch

Wells Fargo plans to close one of its three branches in Statesville on May 2.
Wells Fargo plans to close one of its three branches in Statesville on May 2. AP

Wells Fargo is closing a branch in Statesville, the latest location being shed by the San Francisco-based bank.

The branch being closed is at 140 Turnersburg Highway near Interstate 40, according to a regulatory disclosure by Wells. The move will leave Wells with two branches in Statesville.

Wells will close the branch at noon on May 2, spokesman Josh Dunn said in a statement. The two remaining branches are less than 2 miles from the Turnersburg Highway location, Dunn noted. Those are the Statesville main branch at 221 E. Broad St. and Signal Hill Mall branch at 1609 E. Broad St.

Nationwide, Wells has been cutting away at its branch network as it looks to trim billions of dollars in expenses by 2019.

Wells periodically reviews its branch footprint to determine what fits its long-term needs to best serve customers, Dunn said. Those reviews includes branch profitability, customer transaction patterns and the overall branch network in a market, he said.

In January, Wells said it ended 2017 with 5,861 branches and exceeded its target of closing 200 branches that year. It also said it plans to close 250 or more branches this year, and expects to have about 5,000 branches by the end of 2020.

The moves come as some competitors, like Bank of America, have also shed branches to cut costs as more customers opt to conduct transactions on their phones and other devices.

It’s not the first Wells Fargo branch closure to hit the Charlotte area, where it is the second-largest bank by deposits, behind Bank of America.

Last year, Wells said it closed a branch at 7939 Providence Road in the Arboretum area of south Charlotte and was relocating those employees to a new branch in the Waverly mixed-use development about 4 miles away.

The Providence Road branch was only 500 feet away from another Wells Fargo branch, which remains open.

Wells Fargo remains committed to Statesville and the Charlotte metropolitan area, Dunn said, adding that Wells has 98 other branches and 278 other automated teller machines throughout the region. Wells also offers customers other banking options such as phone, online and mobile banking, he said.

Even as Wells shutters some branches, it is opening them elsewhere, federal disclosures this year show.

The same goes for Bank of America. This week, the Charlotte-based bank announced plans to open more than 500 branches across the U.S. over the next four years.

Deon Roberts: 704-358-5248, @DeonERoberts

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