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.