Wells Fargo Closing Downtown Rochester Branch

We often joke about how there’s nothing but coffee shops and banks in this town because it feels like there are new ones being built every single week and we rarely report on them closing.

If Minnesota is the Land of 10,000 Lakes, Rochester is the city of 10,000 banks. OK, maybe not 10,000, but there are a lot of places to store your money or take out a loan here in the Med City. This summer there will be one less branch to do your banking here in town.

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Why are there so many brick and mortar banking locations? I understand there’s a lot of money in Rochester, but I’m surprised that so many people still visit them in person.

I do all of my banking on my phone – direct deposits, mobile transfers, bill pay, applying for loans – it can all be done virtually.

Now, there are certainly situations when going to the bank is required. You might need a safe deposit box or you might run a business with complex financial needs, but I feel like most people could get by with never going to the bank.

If you are one of these people that take trips to the bank and you go through Wells Fargo you're about to lose one of your branch locations.

The Wells Fargo on Center Street in downtown Rochester, next to the Mayo Civic Center, will be closing on July 26.

Signs posted around the building are directing customers to the nearest WF branch which is located on 1st St near the Peace Plaza.