One Bank Closing Milwaukee Branch, Another Bank Opening Two
Country's second largest bank continues its push into Milwaukee.
Wells Fargo bank branch on the first floor of the 100 East building. Photo by Jeramey Jannene.
Two of the country’s leading banks are playing musical chairs with their Milwaukee branches.
Wells Fargo is moving to close its last remaining downtown branch and Bank of America, through a permit request, has revealed the second location where it intends to open a new branch.
According to a filing with the Office of the Comptroller of the Currency, Wells Fargo will close its branch at 100 E. Wisconsin Ave. The branch has long occupied much of the first floor of the 35-story office tower, but the building is about to undergo redevelopment into more than 300 units of housing after going through foreclosure.
The branch will close on June 11.
The downtown closure follows the 2021 closure of the bank’s westown branch at 735 W. Wisconsin Ave. The nearest remaining branch is in Shorewood.
This is the second time Wells Fargo will have exited the 100 East tower; in 2023 the bank’s commercial lending group relocated from office space in the building to the 833 East office tower.
It has made a change to one of its existing branches. Last August, credit counseling nonprofit Operation Hope opened an office within the bank’s northwest side branch at 7600 W. Hampton Ave. that serves customers and non-customers alike. An Operation Hope employee provides their services for free as part of the HOPE Inside initiative.
Wells Fargo, as of June 2024, had the fifth-largest deposit market share in Milwaukee County and the seventh-largest in Wisconsin.
“Branches continue to play an important role in the way we serve our customers in combination with our mobile app, online website and ATMs. We are actively investing in our branch network by opening new locations and refurbishing our entire network. As we optimize our branch network, we are focused on evolving our branch presence based on customer usage and the changing traffic patterns and retail landscape to best meet the banking needs of each community we serve,” said the bank in a statement.
New Branches
And while Wells Fargo retreats, the second-largest bank in the country is rushing into the area.
Bank of America revealed plans in 2023 to open five branches in Milwaukee as part of entering the regional market. It is also planning three branches in Madison.
The first publicly-revealed location was at 7630 W. Good Hope Rd. and construction is now underway.
Now, a second location has been unveiled. A building permit requested in March identifies the second location as 5040 W. Fond du Lac Ave.
The new branch would be located near the Midtown Center retail complex and the busy intersections of W. Fond du Lac Avenue, W. Capitol Drive and N. 51st Boulevard
A site plan shows that two existing buildings would be demolished to create space for the bank: Mister Stereo, 5040 W. Fond du Lac Ave., and My Little Dreamers Child Care Center, 4038-4046 N. 51st Blvd. Both properties, according to city assessment records, are currently owned by Ibrahim Mahmoud.
IA Interior Architects is leading the design of both branches.
The changes come as U.S. Bank is winding down a half-century-old branch at 2537 W. Wisconsin Ave. In February, Urban Milwaukee reported on that coming change. The last day is scheduled for May 7.
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Great news re Bank of America – thank you for including this in Urban Milwaukee!!!
When I moved here from new jersey last summer, I was pretty dismayed that there were no B of A branches in Milwaukee. Feel much better now!!!!!
As always, Urban Milwaukee is well worth the read!