Nationwide Bank Closure Hits Major Iowa Branch

Banks all across the country have had to make some sort of shift over the past few years.

Many banks have had an influx of customers interested in online banking. This has quickly outpaced people interested in walking into a brick-and-mortar location.

This trend is continuing with a major shakeup in the Downtown Cedar Rapids area.

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It was announced earlier this month, that the Wells Fargo branch in downtown Cedar Rapids would be ceasing banking operations immediately.

The very last day that customers were able to conduct banking operations at the branch located at 150 First Avenue NE was on Wednesday, March 6th. It closed up at 11:00 AM sharp that day, according to local reports. 

So, That Means ALL of the Bank Is Shut Down There, right?

Not exactly...

The office on the second floor is still up and running. This is the home of the branch's Wells Fargo Advisors division.

So, customers can still go to this location if they are interested in investing.

Also, the ATM outside of the location seems to still be fully operational.

How Many Wells Fargo Locations Have Closed?

According to reports, in 2023 there were more Wells Fargo location closures than any other bank in the country. 312 locations were shut down last year alone.

Are People Losing Jobs?

From the looks of things, it doesn't seem like people who work at this location will be losing their jobs anytime soon. According to reports, the Downtown Cedar Rapids branch employees are going to be transferred to other Wells Fargo branches in the area.

This isn't necessarily a 'closing" but rather a 'consolidation' according to officials. 

Whilst the Cedar Rapids employees are safe, another major Iowa branch is doing some major layoffs. In February, officials from Wells Fargo corporate office announced that the West Des Moines location would be laying off some of their workers.

What About the Building? Is It Going to Be Sold?

That's something that seems like it is kind of up in the air.

A report from the Gazette states that Wells Fargo actually owns this downtown property and that officials are deeply considering the future of that building. However, nothing has been set in stone yet.

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