The small Wells Fargo Bank branch near the Idaho Statehouse will close this summer.
Customers were notified this month of the pending closure – set for July 11th. The small branch at 505 W. Bannock St. was acquired by Wells Fargo from First Security Bank in 2000.
“This is not an easy decision or one that we take lightly,” Wells Fargo spokesperson Julie Fogerson told BoiseDev. “We continue to evaluate our branch network and base our distribution strategy on customer trends, market factors and economic changes. In the case of our Capitol location, we’ve seen customer traffic decrease over time.”
Fogerson said customers can use the Boise Main branch at 9th and Main in the future.
The company will close 300 branches this year – and will continue cutting physical branches as it says customers are moving to more digital means to manage money. Fogerson could not provide specifics on if any more local branches will close.
“However, we will continue to keep top of mind the needs of our communities and team members.”
She said the number of branches could be down to “approximately 5,000” by the end of 2020. As of the 4th quarter of last year, the bank reported more than 8,300 physical locations.
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