After more than 50 years as a mainstay in downtown El Paso's financial district, the iconic Wells Fargo branch, located in the Wells Fargo Plaza building at 221 N. Kansas, will close its doors next year, marking the end of an era for the city. The company confirmed that the branch will officially close on Wednesday, January 22, 2025 at 11 am.
“Customers will be able to continue using this branch until that date, as they always have,” said Ty Morrison, vice president and head of communications for Texas and Oklahoma. After the closing, customers will be able to bank at the Wells Fargo University branch, located at 2430 North Mesa, just over a mile from downtown.
Although the main branch will close, Wells Fargo will continue to operate its commercial banking and wealth management offices from the building. The bank is also committed to seeking to redeploy the center’s branch employees to other positions within its other branches.
“Our leadership team is reviewing staffing needs and will make every effort to assign employees to other branches,” Morrison added.
This closure reflects the radical changes in the way banking is done in recent years. The growing popularity of digital banking and the use of ATMs has dramatically reduced the need for bank lobbies full of customers. In El Paso, although there is more traffic than other cities, many customers prefer branches outside of downtown, where access and parking are easier.
Wells Fargo continues to operate 19 branches or ATMs across the city and encourages its customers to adopt digital banking. “Branches continue to play an important role in how we serve our customers, along with our mobile app, website and ATMs,” Morrison explained.
A legacy in sight
Originally opened in 1971 as the headquarters of State National Bank, the Wells Fargo Plaza building was for decades the tallest building in El Paso, at 302 feet (92 m). Over the years, the tower underwent a series of acquisitions and name changes, from MBank to Norwest Bank, before becoming Wells Fargo in 2000.
The building is managed by Franklin Mountain Property Services and owned by Mills Plaza Properties, both companies linked to billionaire businessman and El Paso philanthropist Paul Foster. There is no information yet on whether the space occupied by Wells Fargo will be renovated or whether the building will be renamed.
With more than 300,000 square feet (27,870 square metres) of Class A office space and an adjacent eight-story garage, the building underwent major renovations in the past year, including improvements to the plaza grounds that surround it.
Wells Fargo, one of the nation's largest financial institutions, has nearly $1.9 trillion in assets.
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