VALDESE -- Valdese residents and businesses are losing another bank in town.
Wells Fargo bank confirmed Thursday that it will be closing the Valdese branch later this year.
Josh Dunn in corporate communications at Wells Fargo said the Valdese branch will be closed, or consolidated, on Oct. 23. He said the bank will continue to maintain an ATM at the location.
“Until then, our customers can use this branch and bank with us as they always have,” Dunn said in an email to The News Herald.
Dunn said the positions at the branch are being eliminated. He said the bank is working with the employees and encouraging them to apply for other positions within the company for which they are qualified. Wells Fargo will offer job search resources and other support as the employees transition to the next phase of their careers, he said.
Dunn said after Oct. 23, customers can continue to use the ATM at the location or visit the Morganton Plaza branch on Fleming Drive. There also is a Wells Fargo branch on West Union Street in Morganton.
Dunn said there also is a branch and ATM about 12 miles away at the Lenoir Commons and an ATM about 10 miles away in Granite Falls.
“This is not an easy decision or one that we take lightly,” Dunn said. “We continually evaluate our branch network, and make adjustments based on customer use, market factors, economic trends and competitor actions. This process leads to both expansion and consolidations.”
Dunn said the Valdese branch has seen a decrease in customer traffic over the last few years. “While branches continue to be important in serving our customers’ needs, we’re finding that customers are often using our wide range of digital capabilities for many of their banking needs,” Dunn said. “As a result, more transactions are happening outside the branch.”
In January 2018, Wells Fargo announced planned to close 800 branches across the U.S. by 2020.
This is the second bank in Valdese to close in the last two years. The BB&T bank branch closed in May 2018, citing some of the same reasons Wells Fargo did for closing.
Sharon McBrayer is a staff writer and can be reached at firstname.lastname@example.org or at 828-432-8946.