Banking giant Wells Fargo closes West Broad Village branch

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The now vacant bank branch building is owned by Shopcore, which owns the commercial section of West Broad Village. (Photos of Michael Schwartz)

A national banking giant has reduced the number of its branches in the Richmond area to Short Pump.

Wells Fargo permanently closed its location at 11151 W. Broad St. in West Broad Village last month.

A Wells Fargo spokesperson said the Oct. 20 shutdown was part of its continued consolidation of select branches nationwide spurred on by what it sees as changing consumer trends. It was one of 82 branches the bank closed in the United States in the third quarter.

“For some time and accelerated by the pandemic, customer preferences and transaction models have changed. Customers are increasingly using digital channels and transacting at branches less often, ”the bank said in an emailed statement.

Wells Fargo still has 51 branches in the Richmond area, according to the FDIC. There are about 4,800 across the country.

The bank said the West Broad Village branch operations have been consolidated into its other Short Pump branch at 3300 Pump Road, about two miles to the west. It also has a branch east on Broad Street at 9801 W. Broad St., right each time on Gaskins Road.

The West Broad Village branch was home to $ 54 million in deposits as of June 30, according to FDIC reports.

The West Broad Village branch was home to $ 54 million in deposits as of June 30, according to FDIC reports. This places it among the smallest Wells Fargo branches in the region in terms of deposits.

Wells Fargo ranks third in the region in terms of deposits, holding $ 8.74 billion at its local branches.

The now vacant 4,000-square-foot freestanding West Broad Village building sits adjacent to Whole Foods and is owned by Shopcore, the west coast-based real estate company that owns most of the commercial space in the development at mixed use.

The bank branch property spans 0.2 acres and was recently valued by the county at $ 1.9 million.

It is not known if a new tenant has been lined up for the space. Shopcore could not be reached for comment on Tuesday.

Wells Fargo is not the only major national bank to have reduced the number of its branches locally in recent months. Bank of America left its outpost on Forest Hill Avenue in the south of the city in September.

In other West Broad Village news, the apartment portion of the development, known as The Flats at West Broad Village, was sold last month for $ 111 million. The deal for the 339-unit complex was a record price at $ 327,000 per door.

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