Jun. 30—NORTH MANKATO — As more and more customers rely on online banking, banks across the country are closing locations, with Wells Fargo leading the pack.
In early June, Wells Fargo closed its North Mankato branch at 1760 Commerce Drive, according to a filing with the Office of Comptroller of the Currency. Customers who used the branch can visit the bank’s Mankato branch at 206 Hickory St.
The North Mankato branch is among five Wells Fargo sites that have closed in Minnesota so far this year.
Wells Fargo told its employees this week that by the middle of next year, a majority of Wells Fargo employees who do not work directly with customers will work out of three locations, two in downtown Minneapolis and one in Shoreview.
It plans to close and sell its Home Mortgage campus along Interstate 35 in South Minneapolis and also will close its leased offices in St. Louis Park.
The Office of Comptroller of the Currency said Wells Fargo plans to close an additional 17 branches in 12 states: Minnesota, Washington, Arizona, Georgia, Iowa, Wisconsin, Nevada, Utah, Connecticut, Virginia, New Jersey and Texas.
In its message to Minnesota employees, Wells Fargo reiterated the company’s commitment to the Twin Cities as an important market and employment center.
“We’re one of the largest private employers in the state of Minnesota, operating several lines of business throughout the state. We will continue to be a significant employer in the local community and in the state,” Wells Fargo stated.
Banks across the country have been reducing branches as online banking grows. But the consolidation of offices is also part of the larger trend toward remote and hybrid working, with non-front-line employees working from home either some or all of the time.
The amount of empty office space across Minnesota and the country threatens to unleash even more headwinds for the U.S. economy.
National Public Radio News reports that an unraveling of the office sector spells trouble not only for banks that are owed an estimated $1.2 trillion in outstanding office loan debt, but also for countless small businesses that depend on white-collar customers as well as cities that benefit from the property taxes tied to office buildings.
Source: finance.yahoo.com
