Wells Fargo will not reopen its branch on 1880 First Ave. NE and plans to sell the building.
The branch was already temporarily closed since March as part of Wells Fargo’s nationwide reduction of branches physically open during the coronavirus pandemic.
Spokesman Steve Carlson said the bank was considering closing the branch in 2020 as it makes “adjustments based on customer trends, market factors and economic changes.”
“While branches are important in serving our customers’ needs, in general we’ve seen customer traffic decline over the past few years as a result of more customers choosing digital options for many of their banking needs,” Carlson said.
The property is worth about $4.2 million, according to records from the Cedar Rapids City Assessor’s Office.
The Cedar Rapids location is not the only one closing. Wells Fargo reported in filings to the federal government that 65 branches across the country will close, according to the Charlotte Observer. The bank lost $2.4 billion in the second quarter.
Carlson declined to comment on whether any other Eastern Iowa branches will be closed or kept closed.
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