Skip to content
Wells Fargo to close Waterbury branch Aug. 16
Wells Fargo, one of the country’s largest banks, has added another location to the list of branches that it plans to close this summer in Connecticut.
The San Francisco-headquartered company has filed a notice of intent to shut down its branch at 761 Highland Ave., in Waterbury, according to the federal Office of the Comptroller of the Currency. The location is one of three Wells Fargo branches in Waterbury, standing across the street from Our Lady of Mount Carmel Church and a couple of blocks from the Town Plot park.
“Wells Fargo made the difficult decision to close our Waterbury Town Plot branch at 761 Highland Ave., on Wednesday, Aug. 16, 2023, at 12 p.m.,” Jacqueline Hlavenka-Sansone, a Wells Fargo spokesperson, said in an email Tuesday. “We apologize for any inconvenience this might cause, and customers can continue to bank with us at our other nearby locations, including our Valley Mall branch at 800 Wolcott St., in Waterbury, approximately 2.89 miles away. Other nearby branches are in Waterbury Plaza at 224 Chase Ave., and Watertown Straits (628 Straits Turnpike in Watertown).”
Last month, Wells Fargo told the OCC that it would close its branches at 108 Mill Plain Road in Danbury and 950 Post Road in Darien. Those closings are scheduled for July 26.
Wells Fargo declined to specify how many employees would be affected by the branch closings, but Hlavenka-Sansone said that, “at this time, we are reviewing staffing needs and will determine new location assignments for employees at nearby branches.”
Despite those branch closings, Wells Fargo will remain one of the largest banks operating in Connecticut. Across the state, it has about 60 branches and more than 1,100 employees.
“Branches continue to play an important role in the way we serve our customers, and we continuously evaluate our branch network in light of changing customer needs, the increase in the use of digital banking, market factors, and economic trends,” Hlavenka-Sansone said.
As of last June, Wells Fargo had about $9.8 billion in deposits in Connecticut, ranking No. 5 among banks operating in the state, after Bank of America; Stamford-headquartered Webster Bank; M&T Bank, which last year acquired Bridgeport-based People’s United Bank; and JPMorgan Chase.
While it is closing some branches in Connecticut, Wells Fargo’s finances appear solid. It beat sales and profit targets in the past quarter, as it recorded an approximately $5 billion profit.
Among other recent developments, Wells Fargo has agreed to pay $1 billion to settle a lawsuit filed by shareholders who accused the bank of making misleading statements about its compliance with federal regulators, after a scandal involving the opening of fake accounts surfaced in 2016.
