Wells Fargo exits retail banking in 3 Midwestern states, including Indiana

SAN RAFAEL, CA - APRIL 13: A sign sits in front of a Wells Fargo bank office on April 13, 2018 in San Rafael, California. Wells Fargo reported better than expected first quarter earnings with a profit of $5.94 billion but may need to update the results as investigations into the bank's auto loans and mortgages that could cost $1 billion to resolve. (Photo by Justin Sullivan/Getty Images)

SAN FRANCISCO (AP) — Wells Fargo is exiting retail banking operations in three Midwestern states–including Indiana–as the beleaguered company follows through on previous plans to reduce the number of locations it has open.

The San Francisco bank said Tuesday that it will sell 52 retail bank branches in Indiana, Michigan, Wisconsin and Ohio to a Flagstar Bancorp subsidiary, as well as several branches in Wisconsin.

According to the Well Fargo website, the company has 33 banks in Indiana, with locations including Auburn, Elkhart, Fort Wayne, Mishawaka, Peru, Rushville and South Bend.

Financial terms were not disclosed. Almost 500 employees affected by the move will get job offers from Flagstar.

Wells Fargo & Co. has said it will reduce to approximately 5,000 the branches it operates by the end of 2020. The bank will maintain some commercial lending, wealth management, retail brokerage and home lending operations in the four states.