The scandal-plagued Wells Fargo bank has announced plans to sell all of its branches in US Midwest, putting an end to its retail presence there.
Wells Fargo, the second-largest bank in the United States, declared on Tuesday that it would sell 52 retail branches in the Midwest to Flagstar Bank, ending its physical presence in Indiana, Michigan and Ohio, and a few locations in Wisconsin.
The sale is reported to include 33 branches in Indiana, 14 in Michigan and Wells Fargo’s only branch in Ohio, plus the four in Wisconsin. Wells Fargo will still have 48 branches in Wisconsin.
The 52 branches covered roughly 490 employees managing 2.3 billion dollars in deposits and assets.
Mary Mack, Wells Fargo’s head of community banking, said the bank 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…