Federal Bank Closes Downtown Waterloo Branch
A Waterloo bank has closed its doors for good earlier in the week.
This comes on the tail of multiple closures of branches for this specific bank in Eastern Iowa over the past few years, according to a report.
The news came out earlier this week that one of the Wells Fargo branches in Waterloo would be shutting down for good. Located at 191 West Fifth Street, the branch was open for more than forty years. The bank in Waterloo closed at noon on Wednesday, June 7th.
Officials claimed that the reason for this closure was the uptick in digital banking. It seemed like customers were not going to the physical branch to do their transactions too often anymore.
Less than five miles away, there is another Wells Fargo branch. This one is located at 3065 Kimball Avenue, and there is no sign that it will be closing anytime soon. The two locations will be consolidated with some of the employees at the West Fifth Street location going to Kimball Avenue.
This same sort of course of action was taken with the Main Street Cedar Falls Wells Fargo branch and the 6309 University Avenue location.
Those employees at the closed branch have been offered other jobs within the company.
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