Van Wert Wells Fargo
Van Wert Wells Fargo

VAN WERT – Wells Fargo & Company announced last week that the Van Wert Wells Fargo branch will be among 52 retail bank branches to be sold.

In a press release, Wells Fargo stated that all Wells Fargo branches in Indiana, Michigan, and Ohio, as well as a few in Wisconsin, will be among those sold to Flagstar Bank.

Employees at each branch will remain at the location, will be offered employment by Flagstar, and will still be serving the community, just under a new name. The current Van Wert Wells Fargo location will transition into a Flagstar Bank.

“We are very pleased to reach this agreement with Flagstar, as they are committed to providing excellent service to our customers and providing a great workplace for our team members,” said Mary Mack, head of Community Banking and Consumer Lending. “As we continue to reduce our branch network, we believe this sale to Flagstar will result in the best outcome for customers, team members and other stakeholders in these markets. We will be working closely with Flagstar over the coming months to ensure a smooth transition and uninterrupted service. We remain committed to these communities, and Wells Fargo will continue to have a presence in the area with other businesses including commercial lending, wealth management, retail brokerage, and home lending.”

The sale is part of a plan that Wells Fargo previously shared to reduce retail bank branches to approximately 5,000 branches by the end of 2020.

“The transaction comprises approximately $2.3 billion in deposits and is expected to close in the fourth quarter 2018, subject to customary regulatory approvals,” states the Wells Fargo press release. “There is no action required for customers of these branches at this time, and Wells Fargo and Flagstar will communicate in advance of any changes as we work together to care for customers and team members.”

Once the sale is complete, certain accounts will be moved to Flagstar Bank. Accounts included in the move are consumer and small business accounts, including debit cards; personal loans; small business loans; direct auto loans; and business direct – both commercial and industrial.

Current Wells Fargo customers should expect to see information pertaining to the sale in the mail when more information is available.