Wells Fargo, the national bank based in San Francisco, will be undergoing major changes in its Minot presence later this year at an unspecified date.
The changes include shuttering the main location downtown and the southside location near the Dakota Square Mall.
Staci Schiller, the Sioux Falls, S.D., based regional spokeswoman for the bank, said the bank will go from their current four locations to three locations after building a new southside location that will serve as their main local branch.
This Wells Fargo building in downtown Minot serves as the main branch of the four branch locations. At some point later this year this location, along with the location near the Dakota Square Mall, will be closed as the bank reconsolidates its presence in the city and builds a new main location on 16th Street Southwest.
"We are building a new store. It's about four tenths of a mile south from that current store by the mall. That will be 3106-16th St. SW," Schiller said. "That store is going to open when those two other locations close. So, everything will happen simultaneously."
The new structure, she said, "will just give us the opportunity to provide better and more convenient service for our customers," taking growth areas into account and rethinking the way they have been doing business in the city.
"It comes down to distribution," she said. "If you look at the existing downtown store and South Broadway store, those stores are a tenth of a mile from each other. We still want a downtown presence so we will keep the Broadway store."
The three Wells Fargo stores will include the Minot Air Force Base location, which will be kept as it is; the South Broadway store, which has undergone and will continue to undergo renovations and improvements; and the new southside store on 16th Street Southwest, which will be the new main branch.
The company currently owns the buildings and the land of all its locations but will be working in cooperation with a landlord to build its new location to their specifications and then lease it.
Schiller didn't have building specifications for the new location on hand Tuesday, but said the company employs a rather standard look and size to its branches and she believes the new location will follow that style and size.
Likewise, there is no information on what will happen to the buildings Wells Fargo will be selling. The current main location downtown has tenants including the McGee, Hankla, Backes & Dobrovolny, PC law firm on the third floor and a United Way office and the David C. Olson dentist office on the first floor. The fate of those offices will ultimately be up to the entity that purchases the building.
As one tenant said, the new owners may keep the building operating as it is "or they might have different uses for it."