Wells Fargo is now selling 10 massive branches in Florida, part of its plan to integrate a more digital banking experience.
According to BizJournal, Wells Fargo will sell 10 of its locations in Florida, including a pair in Central Florida.
“Banks have slimmed their branch portfolios as more people opt to bank online, making a large network of locations less of a necessity. That has opened properties up for reuse or redevelopment,” the journal said.
The following Wells Fargo branches for sale in Florida according to the report are:
- 1328 E. Oak St., Arcadia
- 12801 Bonita Beach Road SE, Bonita Springs
- 1130 Deltona Blvd., Deltona
- Wells Fargo Home Mortgage office at 12370 S. Cleveland Ave., Fort Myers
- 2400 S. Chickasaw Trail, Orlando
- 5610 Strand Blvd., Naples
- 1199 Beneva Road, Sarasota
- 7700 Seminole Blvd., Seminole
- 5880 E Fowler Ave., Tampa
- 208 Avenue A NW, Winter Haven
So far, four other Wells Fargo branches will shutter in California soon.
“All over California, 277 bank branches have closed so far this year, second only this century to 2020, when 325 branches closed.
Branch openings are a much rarer occurrence: Only eight have occurred statewide this year,” reports Governing.
A recent report states that Wells Fargo plans to lay off approximately 525 of its employees based in Columbia, South Carolina, and close the bank’s corporate office there by June 30, 2024.
“Wells Fargo leaders are working to provide up-to-date facilities with modern workspaces and technology to create a more collaborative work environment that is a better employee experience,” Wells Fargo wrote in a notice.
“At the same time, we need to concentrate Wells Fargo real estate investments in fewer locations or reduce space in existing real estate,” the bank said.
Other Banking News Today
Another painful bank failure is now declared in Iowa after regulators discovered significant loan losses on its balance sheet.
The Federal Insurance Corporation (FDIC) is adding Citizens Bank in Sac City to its list of failed banks, and says Iowa Trust & Savings Bank has assumed all deposits in order to protect depositors.
The bank’s pair of physical locations will reopen as Iowa Trust & Savings Bank on Monday, reports DailyHodl.
Citizens Bank was established in 1929 and is the first bank closure in Iowa since 2011.
Its closure represents the fifth bank failure in the US this year, following the collapse of Heartland Tri-State Bank, First Republic Bank, Signature Bank and Silicon Valley Bank.
According to the Iowa Division of Banking, the bank had about $66 million in total assets and $59 million in total deposits as of September of this year.
“During a joint and ongoing examination of the bank, examiners identified significant loan losses that had not previously been identified by the bank.
The bank was declared insolvent.
The bank had a concentration of out-of-territory and out-of-state loans to one industry and incurred heavy losses on some of those loans.”
As a whole, the banking industry has been plagued by underwater bond portfolios throughout 2023, triggered by a series of aggressive rate hikes from the Federal Reserve, reports DH.
“The pitfalls of these so-called unrealized losses came into focus early this year amid the collapse of Silicon Valley Bank.
An abrupt run on the bank back in March was sparked by an announcement that the bank had booked a $1.8 billion loss from selling a portion of its underwater bond portfolio.
According to a recent report from Moody’s, the industry is facing approximately $650 billion in unrealized losses that don’t have to be marked at market value.”
Also Read: A US Bank Is Now Stealing Customers Money
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