Wells Fargo & Co. has announced that it will be closing its branch located at 501 Avenue of the States in Chester, leaving TD Bank as the only retail bank or credit union with a physical location in the city.
The closure is expected to take effect on August 27th, but Wells Fargo will still maintain an ATM at that location. Moreover, the company has stated that it will continue supporting organizations such as Drexel Neumann Academy, Chester Improvement Project and Foundation for Delaware County.
This news comes after years of declining foot traffic at brick-and-mortar banks due to online banking options becoming more popular. In response to this trend, Wells Fargo has been closing branches across the country over recent years.
Chester's residents have expressed their concerns about losing another bank branch in their community. With a population of roughly 33,000 people and only one remaining retail bank option available through TD Bank, some are worried about accessibility issues and longer wait times for services.
Despite these concerns, representatives from TD Bank have assured customers that they are committed to serving the community's financial needs and ensuring smooth transitions for any former Wells Fargo customers who switch over.
It remains unclear what plans Wells Fargo may have for other branches within proximity of this location or if there are any immediate plans for additional closures within Pennsylvania or anywhere else across America.