Wells Fargo announced it will be closing its West Malibu bank branch in the Trancas Country Market (30745 Pacific Coast Hwy.) effective Wed., June 21 at 12pm.
Bank employee Jackie Alcantar said in a phone interview that the reason for the branch closure is that there wasn’t as much traffic at the branch as they had expected, especially after the pandemic. She confirmed that Wells Fargo will continue to operate its branch at Cross Creek in Malibu, and that most of the employees now at Trancas will transfer there.
Wells Fargo, the fourth-largest U.S. bank, shuttered a record number of U.S. retail branches over the past couple of years; closing 267 retail locations in 2021, and 221 branches in 2022.
Experts note that banks started closing branches about 12 years ago. The pandemic accelerated the pace of closures, but increased use of mobile apps coupled with competition from online banks such as Ally and payment systems like Paypal also played a role.