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February 29, 2024

National bank eyes more CT branch closures

CoStar The Wells Fargo branch at 388 Whalley Ave. (shown above) is slated to close.

Wells Fargo bank has notified federal regulators it will be closing two more branches in Connecticut, where it has consistently trimmed its brick-and-mortar footprint over the past year. 

Wells Fargo told the Office of the Comptroller of the Currency that it will close branches in New Haven and Bethel. 

The New Haven branch is located at 388 Whalley Ave., and had $91.3 million in deposits as of June 30, 2023, according to Federal Deposit Insurance Corp. data. Wells Fargo has another New Haven branch at 956 Chapel St., which had $294.7 million in deposits as of June 30, 2023, FDIC shows.

The Bethel branch is located at 159 Greenwood Ave., and had $121.4 million in deposits as of June 30, 2023, FDIC data shows. There is no other Wells Fargo branch in Bethel, according to the FDIC.

Wells Fargo in 2023 announced plans to close four other Connecticut branches in Monroe, Danbury, Darien and Waterbury. 

In a statement, a Wells Fargo spokesperson said the bank "remains committed to Connecticut, and branches play an important role in the way we serve our customers in combination with our online and mobile channels and ATMs. We are opening new branches and investing in refurbishing our branch network. Over the last several years, we have rightsized our branch network, and we may continue to combine two older existing branches into one better situated location. Doing so does not take away the importance of our customers and the communities we serve.”

As of June 30, 2023, Wells Fargo reported $8.6 billion in Connecticut deposits and 54 branches in the state. It's the sixth-largest bank in Connecticut based on deposit market share. 

Five years earlier, as of June 30, 2018, Wells Fargo had 71 branches in the state and $8.3 billion in deposits, FDIC data shows. 

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